Is Shiba inu (SHIB) Dead? – 2023 Complete Analysis for SHIB Investors
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Cryptocurrency investing is on the rise, and Shiba Inu (SHIB) has gained popularity with its cute logo and catchy name. SHIB was once a top-earning cryptocurrency and gained fame as a meme coin, following the success of Dogecoin. It started as a playful idea, using a Shiba Inu dog symbol similar to Dogecoin. SHIB’s success was boosted by Dogecoin’s popularity and support from Elon Musk, the billionaire founder of Tesla. Is Shiba Inu Coin dead? Let’s explore!
The meme coin Shiba Inu surged over 300% in a single month, showing a trading frenzy like Dogecoin in early 2021. SHIB became one of the top cryptos by 24-hour trading volume in October 2021, almost rivalling Ethereum. Starting as a playful token inspired by a Japanese dog breed, it gained mainstream attention in 2021 due to its low cost. Despite price jumps, Shiba Inu remained one of the cheapest coins, especially compared to others. Many U.S. and UK consumers view crypto as either a growth or fun investment, making Shiba Inu an appealing choice for a simple and potentially quick return.
The article explores is shiba inu dead, and its potential for recovery, and offers advice on safely storing SHIB.
Origin and Overview of Shiba Inu (SHIB) Coin
Let’s briefly explore the beginnings of Shiba Inu before analyzing its current situation. The cryptocurrency was introduced in August 2020 to experiment with decentralized community building.
Its creators aimed to establish an active ecosystem and a digital currency akin to Dogecoin. SHIB became popular due to its meme-driven concept and the potential for profits. Referred to as the “Dogecoin Killer,” Shiba Inu is a meme-based crypto inspired by the Shiba Inu dog breed. It gained momentum in early 2021, riding the Dogecoin trend and meme coin interest. Uncertainties about Shiba Inu’s future have arisen amid the cryptocurrency market’s fluctuations.
Complete Analysis of Shiba Inu’s Journey in the Cryptocurrency Market
Shiba Inu’s journey in the crypto world has been impressive. It gained value after launch, attracting many investors. While still in the top 20 cryptocurrencies, SHIB is losing some popularity as people move to other assets. Its market cap is around $4.5 billion, but it dropped over 30% recently. This decline is giving way to new meme coins like SHIB 2.0, which follows current industry practices. Pepe and Doge have also introduced their 2.0 tokens, leading to big gains.
Updating meme coins is becoming a trend, attracting both experienced crypto investors and newcomers seeking high-potential gains. SHIB 2.0’s market cap is growing, reaching around $720k recently, with a daily trading volume of about $1.5 million. The token is new, so it has room for more growth as investors seek profitable opportunities. Yet, like many cryptos, SHIB faced a market correction that lowered its value. This volatility makes investors uncertain about the future of their SHIB holdings. may also like Shiba Inu (SHIBUSD) Resumes Its Downtrend
Top Reasons Shiba Inu Coin Can Survive
Strong Community:
Shiba Inu boasts an engaged and welcoming community with 137,000+ Discord members and 789,000+ Twitter followers, gaining attention from influential figures like Elon Musk and Mark Cuban.
Price Correction:
Shiba Inu’s price has corrected significantly lately, but recent positive movements hint at potential as a long-term investment.
Elon Musk’s Interest:
Elon Musk’s tweets about Shiba Inu and Dogecoin have impacted their prices, suggesting his continued influence in the future.
Deflationary Nature:
Shiba Inu’s burning mechanism reduces coin supply, potentially raising its value over time.
Meme-Coin Competition:
As a meme coin, Shiba Inu competes with Dogecoin. Despite being $2.5 billion behind in market cap, Shiba Inu could challenge Dogecoin’s meme coin dominance with its potential.
Is Shiba Inu Dead?
Despite recent Shiba Inu price changes, rumours of its demise are exaggerated. Price drops don’t necessarily mean the token is dead. Cryptos often correct prices after fast growth, a normal part of the market cycle and potentially beneficial in the long term. So you get now the answer to the question is shiba inu dead?
Future Update on Shiba Inu’s Price
Shiba Inu Coin Update: The upcoming Shibarium blockchain for Shiba Inu (SHIB) has sparked controversy. It’s claimed that Shiba Inu developers copied another project called Rinia. These allegations significantly contributed to a recent drop in SHIB’s price.
In the midst of this, large crypto holders (whales) are taking action. A crypto whale moved a substantial 800 billion SHIB coins from Shiba Inu staking to an unknown wallet. This move suggests the whale removed around $8.23 million worth of SHIB due to concerns about the copied Shibarium code. As a result, Shiba Inu’s price fell by about 10% in the past 24 hours. SHIB is currently trading at an average of $0.000010 per coin.
While the 24-hour trading volume decreased by 27% to $374 million, Shiba Inu’s market capitalization of $6.1 billion allowed it to surpass Tron (TRX) and Litecoin (LTC).
Conclusion
The meme coin market is growing, with new coins launching frequently. The success of SHIB 2.0 is uncertain as its presale hasn’t gone as well as expected. While some new platforms struggle, Wall Street Memes and Thug Life token presales are raising a lot of money quickly. Joining these trends could lead to significant future growth for your investment.
Shiba Inu isn’t dead yet, but its price corrections are unpredictable. Recent trends suggest that investing in SHIB is risky due to its volatile value. It could decrease further at any time. Originally a joke, SHIB’s value depends on internet buzz, making it susceptible to hype and short-term fame. If you choose to invest in SHIB, make sure you understand its pros and cons. You could benefit from low prices by holding long-term or diversifying your investment portfolio.
FAQs
Is Shiba In A Good Investment?
Is Shib Dead or can be a sound long-term investment, but remember it’s highly volatile, and linked to hype and popularity. You can take decisions by yourself now.
What Impacts Shiba Inu Coin Price?
Shiba Inu’s price is influenced by factors like speculative trends in global markets and news of developments, like launching a decentralized exchange (DEX).
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