HomeAltcoinsIs Shiba Inu dead?

Is Shiba Inu dead?

-


Shiba Inu is among the coins that motivated more people to venture into crypto investment. The unprecedented growth of the coin in 2021, which saw the price grow by 500,000%, made most people invest in it. Even early investors who had only a tenth of a dollar’s worth of SHIB tokens became filthy rich due to the coin.

However, the coin has been steadily decreasing over the past five months. Thus, crypto experts are not monitoring the coin’s rise again. This is why most people feel that it is the end of the age of the Shiba Inu. But, this begs the question. What happened to the crypto coin that had the fastest growth rate in 2021 but is now losing value?

In any case, the demise of Shiba Inu is likely due to a significant number of different factors. The first factor is that it does not provide enough token utility. The second aspect is the growing number of crypto initiatives competing with each other.

How many more years does SHIB have?

According to the predictions of various experts, the Shiba Inu will be extinct before the year 2030. There is no booster for SHIB like Dogecoin with Elon Musk. Besides, it is doubtful that a multimillionaire supporter will emerge to increase its value with just one tweet.

The number of Shiba Inus available is restricted. It represents a total of one quadrillion tokens in circulation. Indeed, there are a significant amount of tokens. Still, a considerable number of investors can handle those quadrillion coins.

Matthew Harry of DigitalX Asset Management asserts that the future of SHIB is not stable in any way. Harry anticipates that the price of one Shiba Iny will reach $0.0001 by the end of 2022 and then completely vanish during the next three years.

This market is growing, and as a result, products like SHIB will die as capital begins to flow to quality and value.

Mathew Harry

Even so, Harry is not the only knowledgeable person who is pessimistic about the prospects for SHIB. The Swinburne University of Technology director believes that the Shiba Inu does not have a maintainable utility.

According to Salmpasis’s prediction, all these joke-type currencies will evaporate. Thus, clearing the way for “real innovation” and “crypto assets that can serve proper use cases.”

Given that Shiba is a meme coin, elites do not hold out much optimism for its potential in the future. They believe that this coin will approach zero in value in the long term since it will not be able to give the appropriate utility.

Crypto market cycle

One method to estimate the size of the crypto market is to examine Bitcoin in relation to other tokens. The term “altcoin season” refers to the time of year when altcoins are performing better than Bitcoin. The altcoin season is not underway. Thus, Bitcoin outperforms at least 75 percent of the top 50 cryptos.

November of 2021 was another month when the crypto market reached an all-time high. During that time, cryptocurrencies like Bitcoin and Ethereum reached their all-time high prices. Yet, since 2022, these cryptos have been trading at significantly lower prices. Even if the cryptocurrency market is not yet bearish, there is curiosity about when the market trends will reverse.

In most cases, ETH and BTC influence the prices of many cryptos. Therefore, many people are carefully waiting to see what direction these prices will go over the next few weeks.

Is 2022 no longer a meme coin year?

Traders are right in questioning whether meme coins are dead now that the Shiba Inu craze has faded away. The short answer is yes (in comparison to 2021), but the greater point is No.

Increased internet groups, fiscal stimulus, and COVID-19 prompted experienced and novice investors to try their luck with meme coins in 2021.

Yet, all these elements will be lessened or eliminated in 2022, so do not expect SHIB and others to have the same level of success as they did in 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Binance opens two new offices in Brazil as team doubles since March

Binance revealed it has more than 150 employees to cover its operations in Brazil and appears to be on good standing with the...

CoinShares’ Butterfill suggests ‘continued hesitancy’ among investors

Matrixport's head of strategy said he believes the market is currently in a "wait-and-see environment" but could shift after the U.S. mid-term elections...

Beeple’s Discord URL ‘hijacked,’ directing users to wallet drainer

Other users in the crypto Twitter Community believe lax security management is to blame for the latest phishing scam aimed at Beeple's fans...

Tether commercial paper exposure now under $50M, says CTO

Stablecoin issuer Tether (USDT) has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of...

Most Popular

spot_img