There was once a wonderful dog. That dog was a Shiba Inu, and he encouraged millions worldwide to invest in tokens bearing his likeness.
According to the SHIBA INU website, Shiba is the “DOGECOIN KILLER” and is featured on their own ShibaSwap, a DEX. Under the alias “Ryoshi,” the Shiba Inu coin was developed secretly in August 2020.
Ryoshi claims that he is a nobody and unimportant and that even if his identity were to be revealed, the results would be disappointing
Shiba Inu is, by a significant margin, the second-largest meme coin in both directions. Many early investors made millions of dollars from it as it rose to the top, but subsequently, investors also lost a lot of money. Shiba Inu, renowned for its ride-or-die culture, have fallen sharply from their 2021 highs.
Also Read: Where to Buy Floki Inu? – Find the Best Exchange and Price for the Crypto Asset
Contents
- Why Is Shiba Inu Coin Down?
- Is Shiba Inu Dead?
- The Most Important Reasons Shiba Inu Coin Can Survive
- Shiba Inu Price Prediction: 2022 – 2023
- What Is Shiba Inu’s Ecosystem?
- Bottom Line
- FAQs
Why Is Shiba Inu Coin Down?
In January 2022, Shiba Inu reached its most significant value, exceeding $0.00008 per token. Additionally, the coin outperformed Dogecoin in market share and was among the top 10 most-valued crypto assets.
But in early 2022, the coin suffered a severe blow, with a token selling for less than one-fourth of the high. The coin was worth $0.00001 per coin as of April.
While the value of most coins also dropped during that time, SHIB suffered the most. By contrast, Dogecoin, which experienced a slight fall, is currently the most valued meme coin.
Crypto Winter
Since January 2022, the value of the cryptocurrency market has decreased by more than 60%, from $3 trillion to less than $1 trillion as of this writing.
Not only has the value of SHIB decreased, but the entire crypto market has been experiencing a crypto winter.
The phrase “crypto winter” refers to a protracted decline in cryptocurrency prices. The period is defined by a decrease in cryptocurrency values that lasts for an extended period.
Financial gurus occasionally compare the crypto winter and a bear stock market. Among the most popular digital coins, it indicates unfavorable sentiment and lower average asset values.
Numerous factors, like the conflict in Ukraine and the high-interest rates in the US (where crypto’s dominant player is located), have contributed to the decline in cryptocurrency prices.
Shiba Inu Coin Availability
Too many coins have left the crypto market, which turned into one of the Shiba Inu coin’s most significant drawbacks.
Four hundred trillion tokens have been burned since it started. Despite that number’s greatness, there are still 549,063.28 billion tokens available. An infinite number of coins are in circulation, which causes a concentration of supply and a decline in demand.
You can see that the scarce supply increases the coin’s value when compared to the 1,836,318.8 Bitcoins that remain to be mined.
Although the project is excellent, the supply of Shiba Inu coins is still quite large. To combat this, Shiba Inu created a burn gateway.
Slow Technological Advancement
Cryptocurrency and technology are frequently used interchangeably. Therefore, any crypto coin that wants to succeed must offer people cutting-edge technology.
Shiba Inu coin falls short in terms of the kind and caliber of technology it offers its consumers. It offers a less sophisticated user interface and fewer features when compared to other major cryptocurrencies like Bitcoin and Ethereum.
Even while SHIB’s developers are working to advance their technology, their glacial progress is turning away crypto investors. Shiba Inu is trailing behind other coins that are performing better and attracting more SHIB investors.
Significant Competition
Just one of the various cryptocurrencies currently available is the Shiba Inu coin. Statistics estimate that there are around 10,000 cryptocurrencies presently available.
For SHIB, there is a lot of competition. First, investors favor Doge because its “twin,” Dogecoin, makes it the second most popular meme coin.
Second, most investors choose large, well-known coins like Ethereum and Bitcoin. It became challenging for SHIB to compete when the few surviving investors had to split the remaining coins.
The Price Has Dropped Dramatically
Over the last couple of months, there has been a significant correction in the price of Shiba Inu. Recent price movements for SHIB indicate that it might make an excellent long-term investment.
For instance, Shiba Inu hit an all-time high of $0.00008 in October 2021 before steadily declining till it reached $0.0000077 in June 2022.
But ever since, the Shiba Inu has been on a rip, and the price has dramatically increased over the past few months.
Is Shiba Inu Dead?
Shiba Inu endured a difficult 2022 bear season, with the token suffering a more than 70% decline in price since the year’s commencement. Many investors began asking the same question: “Is the Shiba Inu coin dead?”
The fact is Shibu Inu coins are still alive. Without a definite prediction, the price corrections will nonetheless keep shifting. Investment in SHIB is dangerous if recent developments are any indication. The coin’s value is unstable and subject to sudden declines.
The coin was initially intended as a prank based on how much buzz it generated online. Such coins are at the whim of unreliable celebrities and hype.
Make sure you are aware of both the pros and cons of SHIB before investing. You’ll use it to diversify your portfolio or take advantage of the low pricing to make long-term investments.
The Most Important Reasons Shiba Inu Coin Can Survive
Strong Community
Shiba Inu has a very active and dedicated community. The Shiba Inu community is one of the friendliest in the Crypto market. The Shiba Inu Discord group has more than 137,000 members and more than 789,000 Twitter followers.
Shiba Inu is one of the most talked-about topics on Twitter right now, with influential billionaires like Elon Musk, Mark Cuban, and Chamath Palihapitiya participating in the conversation. Because of the warm and supportive nature of the Shiba Inu community, the coin’s value has increased quickly.
Shiba Inu Is a Deflationary Cryptocurrency Exchange
Since Shiba Inu is a deflationary cryptocurrency, its coin supply gradually shrinks. Every time a user buys or sells Shiba Inu coins on ShibaSwap, Shiba Inu is destroyed by a burning process.
The Shiba Inu (SHIB) coin’s price may rise in the future due to the burning mechanism’s reduction in the supply of Shiba Inu coins.
Shiba Inu Could Unseat Dogecoin in the Meme-Coins
Shiba Inu faces stiff competition from Dogecoin in the meme coins. Shiba Inu, a humorous satire of Dogecoin, has become a serious rival. Market capitalization-wise, Shiba Inu is only $2.5 billion behind Dogecoin, but it is still unclear whether Shiba Inu can unseat Dogecoin as the ruler of joke coins.
Dogecoin is a better-established community and has been around for a lot longer. Before Shiba Inu can be taken seriously as a Dogecoin rival, more work still needs to be done. Dogecoin may someday lose its position as the king of meme coins, but Shiba Inu has much potential.
Shiba Inu’s Industry-Leading Meme Coin
The cryptocurrency market’s leading meme coin, Shiba Inu (SHIB), has spawned several imitators, including BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, and SpookyShiba. It is in the top twenty cryptocurrencies by market cap and is the second-largest meme coin.
Shiba Inu (SHIB) also contributes significantly to the Shiba Inu ecosystem, which includes additional resources like the ShibaSwap Decentralized Exchange (DEX) platform.
Shiba Inu Price Prediction: 2022 – 2023
Making precise Shiba Inu price predictions is difficult, as keeping track of future SHIB shares is tricky. No one noticed monetary value appreciation during 2022, while sudden falls are unavoidable. But some crypto experts predict a rebound in value. These forecasts are compiled based on the current independent evaluation.
The market will react differently depending on the time, and prices might vary from the estimates. Keep in mind that volatile cryptocurrency is very dangerous to invest in.
Shiba had promising developments for 2023, like the Metaverse platform. The deal would raise the price of the coin. The Shiba Inu stock could hit 0.00001501 at a high price in 2022. The minimum is $10001307, whereas the average market price is approximately $100 01359.
According to the Shiba Inu coin’s graph, the price may retest the long-term resistance near 0.012271. The minimum and average price in the market cap is 0.099959 / $1.000014 in 2023, respectively.
Also Read: Track Crypto Whales and Take Advantage of Large and Unusual Transactions
What Is Shiba Inu’s Ecosystem?
The strange and beautiful Shiba Inu ecology is conducive to discussions regarding Shiba Inu’s affection.
The organization comprises a broad range of people who enjoy the creatures and have dedicated their entire lives to breeding and exhibiting them.
People can gather there to share knowledge, learn, and support each other in achieving their objectives.
On the Ethereum blockchain, smart contracts and decentralized applications (DApps) can be created using the open-source Shiba ecosystem, which consists of platforms, protocols, and DApps.
Within the Shiba Inu ecosystem, there is the Shiba Inu Token (SHIB). A cryptocurrency called SHIB was created as a ripoff of the additional, associated, and more well-known cryptocurrency Dogecoin (DOGE).
Shiba Inu coins can be exchanged for goods and services within the ecosystem.
Bottom Line
Most crypto experts predicted that Shiba Inu’s price would fall in 2022. The owners of the meme coins were highly wealthy in 2021 after recording the highest rise, almost 500,000%. Nevertheless, SHIB saw a price decrease recently. Many commentators have stated that the SHIB era has ended due to the massive price decline.
Shiba Inu developers have been attempting to get rid of the “meme token” label, and they are now taking another step toward growing the SHIB utility network. A Shiba Inu Metaverse is being included in the Shiba Inu network. The Shiba Inu metaverse will consist of 100,595 plots of land because it is constructed on Shiba Inu’s own Shibarium. Users can mine the ground, and its owners can profit financially.
FAQs
Will Shiba Inu go back up in 2022?
Shiba Inu Coins prices are expected to increase significantly in the early stages of a bullish trading market by 2022. It has yet to be announced. Crypto analysts say Shiba Inu could hit $0.00 in 2022 when cryptos recover to their peak 2022.
Do Shiba Inu Have a Future?
Some experts have estimated Shiba Inu as a potential resurgent crypto world. Analyst estimates Shiba Inu will trade on average at $0.01 in 2023. Analysts forecast Shiba Inu will reach its highest of $0.01 in 2024 after a significant rally.
Is The Shiba Inu Coin Worth Buying?
It might look important, given its value, but its value focuses on entertainment. It is also important to note that it will never be wise for someone to invest in a SHIB. It is not easy to earn money, but it can be a good investment.
Should You Buy Shiba Inu Coin?
Shiba Inu is a meme coin with a very unpredictable price. Shiba Inu prices have been known to change drastically, and this could happen again in the future. Shiba Inu is risky; therefore, only use the money you can afford to lose.
