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Shiba Inu (SHIB): The crypto starter in agony?

Mon 16 Oct 2023 ▪ 4 min of reading ▪ by Mikaia A.
Getting informed Altcoins

Shiba Inu hasn’t escaped the turbulence of the cryptocurrency market in the past week. Currently, the meme cryptocurrency is causing significant losses for investors. Can we hope for a turnaround soon? More details in this article!

Photo d'ours et de graphique, logo de Shiba Inu

Shiba Inu in Freefall

While Shiba Inu had favorable statistics at the beginning of the year, ten months later, the meme coin is causing difficulties for crypto investors. According to News BTC, 91% of SHIB holders are facing significant losses due to a price decline.

Using data from IntoTheBlock, this crypto media has highlighted a “rollercoaster journey” to the detriment of traders. The fact that SHIB recently dropped to $0.0000069 did not help the situation. On occasion, the analytics firm stated that only 9% of SHIB hodlers were able to show profits in their journey.

A tiny fraction of the ShibArmy found themselves in a profitable position as traders.

What really happened? In recent months, there have been spectacular market value fluctuations for SHIB caused by substantial trading volumes. Like other cryptocurrencies, Shiba Inu couldn’t escape volatility, and this has had an impact on the current financial situation of SHIB traders.

Another point to consider is that approximately 78% of the circulating Shiba Inu token supply is currently in whale wallets. We all know that SHIB whales can significantly influence the participants gathered around the Shiba ecosystem.

Many are hopeful for a return of SHIB’s price to normal or its level from two years ago. In October 2021, the famous cryptocurrency featuring the iconic Japanese dog was trading at $0.00008616. At the time of writing this article, it is trading at $0.0000710 according to CoinGecko. This represents a 1.5% increase over 24 hours and a 30.9% decrease over the past 12 months.

Is the SHIB apocalypse inevitable?

If SHIB continues on its current path, can we make sense of the prediction of a Shiba apocalypse in 2030 by some financial experts?

Haters will likely think it’s a possibility. But enthusiasts continually see a glimmer of hope. Analyzing SHIB price trends, they argue that significant declines are always followed by a period of recovery. Shiba is like a true expert in “zig-zags.”

In other words, its price can change from one second to the next. But at the same time, SHIB is one of the most resilient cryptocurrencies in the market. It doesn’t experience prolonged downturns without rebounds. And this ability to bounce back in the face of adversity motivates Shiba investors, even in a situation of general uncertainty.

It’s worth noting that SHIB is currently at a local resistance level, according to some analysts. If whale activity resumes, the burn rate increases, there’s a rush to Shibarium, the emergence of new projects like Shiba Hub (something extraordinary), or Shibarium ID, along with massive adoption, Shiba Inu will regain its lost reputation.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.