Shibas are the most popular dog breed in Japan, with many people wanting to get one as a pet. This makes them an easily accessible investment for anyone who wants crypto exposure without having any technical knowledge of how it works. However, based on recent events, is Shibacoin safe?
The “shiba inu coin news today” is a question that many people are asking. The recent crash of the Shiba Inu Coin has caused many to wonder if it is safe to buy the coin now.
After a huge bullish run in October, the Shiba Inu shocked many. Despite the current recession, the meme token has the highest annual growth of any crypto industry. Many investors, on the other hand, are concerned about a major correction.
Shiba Inu became the first meme token to surpass Dogecoin and live up to its reputation as the “DOGE killer” when it hit an all-time high of $0.000084 in October. It was one of the most popular tokens at the time, and it rose to become the eighth biggest cryptocurrency by market capitalization at one point.
Shiba Inu is the 13th biggest cryptocurrency after a more than 50% decline. Despite the fact that the gains it gained in October were largely wiped, it remains one of the most popular meme tokens on the market.
Despite the fact that there is still a substantial amount of trade activity of about $1.8 billion, investors are still concerned about Shiba Inu’s safety.
Shiba Inu is gaining ground.
When Shiba Inu staged a bullish rebound in October and hit an all-time high, many observers expected that the meme coin would have a big price decline in the next weeks as the buying pressure would have worn off.
Despite the fact that most traders were profitable, SHIB did not enter a serious recession, as many had feared. The SHIB decline began when a whale address that had purchased a large number of SHIB tokens last year began transferring part of them after earning large gains.
The token decreased from $0.000084 to $0.000042, and it has been holding these levels for a long time, indicating that it is consolidating. The coin usually performs another strong rise following a protracted consolidation period, which may happen with SHIB.
Even as it consolidates, keep in mind that the majority of SHIB investors are profiting, and they may be fatigued from holding the tokens for too long, causing selling pressure. This might cause the token to fall to lower levels, forming a strong decline.
Whales own the majority of Shiba Inu tokens.
The fact that the majority of the tokens are owned by whale addresses is another aspect that has many investors concerned about Shiba Inu. Whales are accounts that possess a big amount of Shiba Inu tokens, and they have the ability to influence pricing because if whales decide to sell, values may plummet.
As previously stated, the first SHIB decline after the October bulls occurred when a whale address transferred some SHIB coins, causing investors to worry. As a result, a major token movement by these whale addresses might wipe out much, if not all, of SHIB’s profits in the fourth quarter of 2021.
Whale accounts, on the other hand, may be beneficial to SHIB since they may serve to reduce normal price volatility. The SHIB whales may be the reason for the current price consolidation. However, maintaining these values will need the whales hanging on to these tokens for extended periods of time, which is not guaranteed.
As a result, if you buy in SHIB, keep an eye on the whale addresses’ on-chain activities to determine whether a large price fall is imminent.
Shiba Inu’s research and development team
When it comes to development efforts, the SHIB development team is among the finest. The team has already started various initiatives to provide the SHIB coin some use.
The ShibaSwap is one of this team’s strategic innovations. ShibaSwap is a decentralized finance (DeFi) technology aimed at giving the SHIB cryptocurrency some use. While the protocol uses other tokens like as BONE and LEASH to function, it has established a strong foothold in the market.
Shiba Inu is one of the most ideal meme tokens to have in your investment portfolio since none of the other meme projects have completely entered the DeFi sphere.
Furthermore, the ShibaSwap platform adds to the value of the SHIB coin. ShibaSwap is a platform that enables users to stake SHIB tokens and receive incentives. Because the platform promises passive income, fewer SHIB investors will be motivated to sell because they may simply stake their assets and generate money.
The burning process is another significant development achieved by this group. Because there are so many tokens on the market, meme tokens are generally inexpensive. Shiba Inu, for example, has a supply of almost a quadrillion tokens. During the early days of the currency, the team delivered Vitalik Buterin, Ethereum’s creator, 50% of the total supply.
Buterin, on the other hand, burnt 90% of the tokens handed to him and gave the remaining 10% to a COVID fund in India. This resulted in a significant price increase for SHIB, marking a significant turning point for the token.
The Shiba Inu network is now burning tokens in a similar manner as Buterin, however they are not burning nearly as much as Buterin. This indicates that, although the supply is dwindling, it is doing so slowly, which means that the impacts may only be seen in the long run.
The Shiba Inu is becoming more popular as a payment dog.
Another area where the Shiba Inu is gaining popularity is as a form of payment. After Dogecoin, SHIB is now the second most popular meme token.
AMC Entertainment has announced Shiba Inu as one of the cryptocurrencies that would be accepted as a form of payment. Given the vast number of users that the movie theater chain has, this was a significant win for the meme coin. SHIB will be accepted as a method of payment for online tickets, according to AMC’s CEO.
The adoption of SHIB by Vegas Auto Gallery was also noteworthy. This is a high-end automobile dealer situated in Las Vegas. The dealership declared that Shiba Inu will be accepted as payment for its high-end automobile collections.
If SHIB receives additional endorsements from worldwide businesses and expands its usefulness as a payment method, the token’s demand will rise, resulting in a significant bullish surge.
Shiba Inu is up against some tough competition.
The competitive nature of meme tokens is another issue that a trader must consider. Because there was no competition when Dogecoin surged at the start of the year, it achieved significant gains.
When Shiba Inu entered the picture, however, Dogecoin was overshadowed and left in the dust as SHIB launched a powerful bullish rise. Floki Inu, one of the newest yet fastest-growing meme coins, is now competing with Shiba Inu.
Because of its team’s strong marketing efforts, Floki Inu’s popularity in the market is increasing by the day. The token advertised on London’s public transportation system, and it is now advertising atop the Burj Khalifa during the UAE’s busiest weekend.
Because of its marketing efforts, Floki Inu has gained international prominence. Furthermore, with half a quadrillion tokens in circulation, Floki Inu has a hyper-deflationary character, which is more than anybody could claim about Shiba Inu.
Conclusion
Shiba Inu has had significant increases this year, and although it is presently experiencing a significant price correction, it continues to draw a lot of investor interest. However, because of the extreme volatility of meme tokens, many investors are concerned that SHIB may see significant price drops.
Visit our Investing in Shuba Inu guide for more information.
Watch This Video-
The “shiba inu news” is a cryptocurrency that has been recently crashing. The recent crash has caused some people to worry about the safety of buying SHIB after the crash.
Frequently Asked Questions
Why is Shiba Inu coin dropping?
A: Sometimes, when youre playing a game and your coins are dropping, the Shiba Inu coin symbol may appear in both places. It might seem like theres no connection between them—thats because they actually arent connected to each other at all!
Is Shiba Inu tanking?
A: Shiba Inu has been in the top ten most popular dog breeds for more than five years, and they are still a very common sight.
Will Robinhood add Shiba?
A: Unfortunately, Robinhood does not allow the purchase of cryptocurrencies.
Related Tags
- shiba inu price prediction
- is shiba inu a good investment for long term
- shiba inu coin price
- is shiba inu a good investment reddit
- will shiba inu go up
More Stories
Online Casino Malaysia Surewin: Comprehensive Analysis and Insights
How Cryptocurrency Tax Calculators Are Becoming Essential Tools for Australians
Techberry Evaluation: How AI Trading Is Changing the Game for Investors