By a huge margin in both directions, Shiba Inu is the second-largest meme coin. Its ascent to the top made early investors millions of dollars, while subsequent investors lost a great deal of money. The Shiba Inu population, famous for its “ride-or-die” culture, has declined dramatically since its 2021 peak. Without numerous use cases or core strengths to support this asset, people are left to wonder, “Is the Shiba Inu extinct?”
Why Is Shiba Inu (SHIB) Down?
Though SHIB values are down from their previous all-time highs, many saw the relatively recent Robinhood listing as encouraging news for the meme taken. However, time has gone and the meme token has not experienced the enormous recovery that many fans had predicted.
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After reaching an all-time high on October 28, 2021, this chart demonstrates that SHIB is currently consolidating in a downward trend. SHIB is down more than 80 percent from its all-time high. A descending triangle is frequently viewed as a pattern preceding a breakout. In the short to medium term, SHIB may experience a significant price hike if this trend continues. Nonetheless, SHIB has not followed standard chart patterns in the past, so this reversal may not be accurate.
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Recent whale migrations may be a contributing factor in SHIB’s price decline. Whales are large holders of a particular cryptocurrency. By selling their position, these owners can have a significant effect on the price. A SHIB whale transferred $2.78 billion worth of SHIB to a separate wallet in 2021.
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Despite the fact that they did not sell any of their assets (unless it was an over-the-counter transaction, which is improbable), this movement alarmed many investors. If this whale, which controls almost 10 percent of the overall supply, were to sell, it may have a detrimental effect on the market. This action may have frightened many investors into selling and contributed to the price decline.
Shiba Inu (SHIB) Price Movements
Over the previous year, SHIB has continued to rise substantially. A $1,000 investment in SHIB shortly after its inception would be worth hundreds of millions of dollars today. SHIB is one of the most lucrative investments in human history. Large parabolic ascents, however, are often unsustainable. And this has been the case with Shiba Inu; the token is currently selling at a significant discount to its all-time high.
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Keeping track of the frequency with which a cryptocurrency is discussed on social media can be used to determine its level of popularity. As of January 2022, SHIB is one of the most-discussed cryptocurrencies on Twitter Inc. (NYSE: TWTR). Nearly 20% of all cryptocurrency-related tweets are about Shiba Inus.
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Some of SHIB’s earlier pricing rises have been ascribed to its Twitter presence. In this instance, SHIB is declining although its Twitter dominance persists, indicating that SHIB’s Twitter popularity is not the sole factor influencing its price. Other factors, such as its possible listing on Robinhood and whale movements, may have a greater influence on the price.
Cryptocurrency Market Cycle
One way to evaluate the cryptocurrency market is by comparing Bitcoin to other tokens. If altcoins or other non-Bitcoin tokens are outperforming Bitcoin, then it is “altcoin season.” It is not altcoin season today, as Bitcoin is outperforming at least 75 percent of the top 50 cryptocurrencies.
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November 2021 also marked a market peak for cryptocurrencies. During this time, cryptocurrencies such as Bitcoin and Ethereum reached all-time highs, but they began 2022 trading much below these levels. The crypto market meltdown of the summer of 2022 merely exacerbated the situation, sending meme currencies much lower than investors could have anticipated.
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While cryptocurrencies are not yet in a bear market, many speculate how much farther these coins may decline before a recovery. As the prices of various cryptocurrencies track those of ETH and BTC, many are patiently awaiting the next few weeks to see where these prices will go.
Where To Buy Shiba Inu (SHIB)
As Shiba Inu gains in popularity, more and more exchanges are offering the token. Robinhood and eToro are the best exchanges that offer SHIB at this time. These exchanges are distinguished because of their user-friendliness, emphasis on education, and excellent security measures.
To open an account on these exchanges, an email address and password are required. You must also give some basic personal details for account verification. Then, you fund your account using ACH or credit transfer and commence trading SHIB. After obtaining a Shiba Inu, you may like to store it securely in a hardware wallet.
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Ledger, the market leader in hardware wallets, has three great models: the Nano S, Nano S Plus, and Nano X. All Ledger hardware wallets support over a thousand cryptocurrencies from several chains, including Bitcoin, Ethereum, Dogecoin, and all ERC-20 tokens (including Shiba Inu).
Is Shiba Inu Dead?
Currently, SHIB has few applications to justify its price. It provides only ShibaSwap, a decentralized exchange (DEX), and little else. In addition, it does not have many future-oriented plans. As a result, there is a good probability that Shiba Inu will go extinct when interest in cryptocurrency wanes.
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Other variables, such as whale migration, have also influenced the price. If these whales were to be sold, SHIB could easily lose over 50% of its value. The future of the token will be mostly dictated by whales.
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Although SHIB may not have many applications, its Twitter domination may be a future price driver. In the past, Shiba Inu’s Twitter presence has contributed to price hikes, and this tendency may continue in the future.
Multiple circumstances would support Shiba Inu in either direction. On the one hand, its lack of uses and whale transactions could lead to a price fall. Nonetheless, its Twitter presence and robust community may drive up the price. The fate of SHIB will ultimately be determined by its holders.
Frequently Asked Questions
Will Shiba Inu Hit $1 One Day?
It is quite improbable that Shiba Inu will ever reach $1. The market capitalization would have to hit 589.7 trillion for this to occur. This would indicate that the market cap would be significantly more than the current market size of a little under $1 trillion.
Is a Shiba Inu a Worthwhile Investment?
Shiba Inu can be a decent investment if you conduct adequate research and invest in the token with the knowledge that its growth may be slower than that of other cryptocurrencies.
Can I Trust Shiba Inu?
Yes. Developers of Shiba Inu are working hard to make the currencies appear more legitimate. They are transitioning from a meme token to a utility network; they are launching the metaverse, in which users can mint land and landowners will earn from the land.
Additionally, the locations where they are accepted as payment have expanded, including AMC, Lavu, and Verifone. You can now stake cryptocurrencies using the new Shibaswap- Defi services.
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