Introduction
There is no doubt that most of the market went down in that January of this year (2022). Talking about cryptocurrencies that experienced the worst month starting a new year. In January, many events emerged that may give new updates and change the market's situation.
Outwardly, Bitcoin had down to $33,710, Ethereum to $2,199, Solana to $82,5, Dogecoin to $0.1275, Cardano to $0.96, BNB Binance to $342, Avalanche to $55, Polygon Matic to $1,33, while Shiba Inu to $0.000018 according to the Coin Market Cap.
As a result, This January of 2022 was so rushed for investors, holders, and markets.
What was the important thing happening with Cryptocurrencies?
Apart from that, many memes have been mentioned several times and have experienced many updates, involves; Shiba Inu and Dogecoin. Seemingly, Elon Musk's Tweets have taken the market by storm when he mentions his favorite memes. In fact, Musk has been supporting Dogecoin since 2019. Also, he has repeatedly mentioned working with the DOGE team. And according to his announcement, He only owes Bitcoin and either Dogecoin on his crypto portfolio. But that time when he tweeted that Tesla will accept DOGE on merchandise, the price increased. And again, he mentioned McDonald's to accept Dogecoin for eating a happy meal on TV.
In the other words, Shiba Inu and its army have another vision about buying more tokens in the dip and hold to push this meme forward making its price equal $0.0001 this year. Therefore, SHIB was accepted by New York-based Jewelry Collection through BitPay. And not far away, Shiba Inu is somehow possible to be added by Robinhood this month, but if it is not unlikely will happen, SHIB is going stronger to keep its rated top toward Bitcoin and Ethereum even though its price decreased to $0.000018 and is 15th ranked right now.
Apparently, both SHIB and DOGE are competitive and amazing memes. Shiba Inu is based on the Ethereum blockchain while Dogecoin was first created for juke and right now is one of the digital coins. This month ( FEB 2022 ) will experience new updates to lead the market upside down after several weeks of the bearish. But not only SHIB and DOGE but also ETH and BTC, and the other coins.
El Salvador was the first country to accept Bitcoin as a legal currency making President Nayib Bukele buy the high value of BTC in the dip. Today, ( 1st FEB ) Indian Finance Minister Nirmala Sitharaman accounted for a 30% tax on any income from the transfer of virtual digital assets, a first for the nation. She additionally said that the digital rupee will most likely be issued in ( 2022-23), which is the first time the government has given a timeline on the launch of a central bank digital currency (CBDC), According to the Indian Express.
Currently, India has more than 15 million cryptocurrency users in the whole country who hold an asset worth more than $6 billion.
Conclusion
When Cryptocurrencies are becoming more popular, many people get interested to buy and hold, and when countries tend crypto to be legal, the market will experience more new digital coins. As a result, buying any coins will be more interesting and not risky as they have mentioned.
Right now, it is still a good time to buy and hold more cryptocurrencies. Because, we are still at the beginning of this year, and likely the market will get better starting from this month.
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