The Shiba Inu did not escape last week’s crypto market turbulence. Right now, crypto meme is causing huge losses at the investor level. Can we hope for a turnaround in the situation soon? Details !
Shiba Inu in free fall
If the statistics were favorable to the Shiba Inu at the start of the year. Ten months later, memecoin is putting crypto investors in difficulty. According to BTC News91% of SHIB holders are set to realize significant losses due to a drop in price.
Based on data provided by IntoTheBlock, this crypto media highlighted a “ jagged journey » to the detriment of traders. The fact that the SHIB was dropped to 0.000 006 9 dollars lately hasn’t been helping things. On the occasion, the analysis company claimed that only 9% of SHIB hodlers were able to show profits in their venture.
More than a tiny portion of the ShibArmy was breaking even as traders.
What had really happened? In fact, recent months have seen dramatic oscillations in the market value of SHIB caused by considerable trading volumes. Like other cryptocurrencies, Shiba Inu has not been able to escape volatility. And this has not failed to affect the current financial situation of SHIB traders.
Another point to mention: approximately 78% of the circulating supply of Shiba Inu tokens is currently in whale wallets. However, we are aware that SHIB walles are capable of significantly influencing the actors gathered around the Shiba planet.
Many dream of a return of the SHIB price to normal or to its level two years ago. Indeed, the famous cryptocurrency bearing the image of the very famous Japanese dog was trading at $0.000,086.16 in October 2021. At the time of writing this article, it was trading at $0.000.007.10 according to CoinGecko. This represents an increase of 1.5% over 24 hours and a decrease of 30.9% for a period of 12 months.
Is the SHIB apocalypse inevitable?
If the SHIB continues its path like this, can we make sense of the prediction of a Shiba apocalypse in 2030 by certain financial experts?
Haters will think this will definitely happen. But enthusiasts continually see a glimmer of hope. By analyzing SHIB price trends, they argue that every significant decline is always followed by a period of recovery. The Shiba is like a real “zig-zag” ace.
In other words, its price can change from one second to another. But at the same time, the SHIB is one of the most resilient cryptos of the market. It does not know descents without ascent. And this ability to bounce back in the face of adversity motivates Shiba investors, even in a situation of ambient uncertainty.
It should be noted that SHIB is at a local resistance level at the moment, some analysts argue. In the event of a resumption of whale activities, an increase in the burn rate, a rush for the Shibarium, the advent of new projects like the Shiba Hub (something extraordinary) or Shibarium ID… and with massive adoption, the Shiba Inu will regain its lost reputation.
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