Many crypto coins have begun to lose their shine. One example of this could be Shiba Inu, which once was one of the most popular digital tokens but is now struggling to stay among the top fifteen.
The meme token that is based on dogs, also known as the joke token is down approximately 75 percent from its highest value of $0.00008 that was reached at the end of October 2021. The price was 0.00002008 on Thursday, at 13.30 IST.
A time when it was referred to as the ‘Dogecoin Killer The ‘Dogecoin Killer’ Shiba Inu has lost its appeal. The drop in price is in line with cryptocurrency across the board , after that price for Bitcoin plunged to a 6-month low.
The market cap for Shiba Inu has dropped to $11.35 billion. It was nearly triple the amount it is today in its glory days. However, the trading volume of the token are solid, due to its dirt-cheap cost.
Shiba Inu has no blockchain, and it is built upon Ethereum. Ethereum blockchain. The supply that Shiba circulates is highly concentrated, making the meme token an extremely high risk bet.
It is only held by a handful of wallets; a limited use from merchants; and a hazy development outlook could place this cryptocurrency in a state of slumber, said Raj A Kapoor, Founder, India Blockchain Alliance.
About two-thirds of SHIB tokens’ supply is held in more than 10 accounts,” the official added.
Even Shiba’s audit report posted to its website shows that more than half of its available supply is held in four wallets.
There’s a total amount of 589,735,030 and 408,323 SHIB tokens which includes 549,063.28 billion that are available for sale in the market, according to information came from Coinmarketcap suggested.
Shiba also has a small amount of applications at present, and as a payment option. it is not certain what SHIB developers will continue to bring value.
In a whitepaper on the token Kapoor explained that it spells out that the developers of the token are volunteers and that the future is described in the whitepaper is just seven paragraphs, with half of which is focused on marketing.
Shina Inu is an investment with speculative potential and doesn’t tick any boxes of solid basic principles, say market experts. Investors should stay clear of it, they suggest.
Due to the absence of intrinsic value, and the absence of any utility applications meme tokens like Shiba Inu can fluctuate wildly in line with market sentiments according to Praveen Kumar, the founder and CEO of Belfrics Group, a crypto exchange.
But, not all are positive or even critical about the coin. They support the coin for the possibility of a significant growth in the near future. The supporters said that Shiba Inu is following the path of other cryptocurrency tokens.
Shiba Inu has been a bit in a weak state lately, and its price drop is occurring in conjunction with other currencies, like Dogecoin according to Sharat Chandra, Vice President of Research & Strategy, EarthID, which is a self-sovereign Identity Management Platform.
“The Shibarium blockchain layer-2 solution proposed by the SHIB creator Ryoshi is expected to launch soon and it can give a price boost in coming days,” he said.
Despite the decline within the last month, the investor community of Shiba Inu has kept the trading volume at a good level.
Shiba Inu is falling due to the fact that the entire market for cryptocurrency is in a bear market,But the good news about Shiba Inu is that whale purchased SHIB tokens were worth more than $12 million, this will help Shiba Inu to recover some of the past month’s losses.
“Cryptocurrency is just like any other trading market where you will have a bear and a bull run.”