Is Shiba Inu Coin Dead? Could Shiba Inu become worthless?

Current Market Cap$4.3 BHigher
Trading Volume$89.5 MSteady

MetricLast 24 HoursTrend
Net Social Media Sentiment0.0%Steady

Shiba Inu, once a highly popular meme coin, has experienced a gradual decline in its presence within the cryptocurrency market. The primary reason behind the significant drop in the Shiba Inu coin’s price was the lack of progress in terms of its utility and development. Despite developers sharing plans for future advancements, much of it remained theoretical and not put into action.

Furthermore, the introduction of new meme coins has diverted the attention and interest of buyers away from Shiba Inu and towards other cryptocurrencies. As a result, Shiba Inu lost its status as the most prominent meme coin in the market.

The decline in Shiba Inu’s position serves as a reminder that sustained development and tangible utility are crucial factors for the success and longevity of a cryptocurrency. Without concrete progress and real-world applications, the market sentiment can quickly shift, leading to a loss of interest and value.

However, in the last few months, there has been development with respect to the Shiba Inu’s ecosystem. The most important development is the development of the Shibarium, Shiba Inu’s own Layer 2 blockchain. The developers have been teasing the launch of Shibarium and it is expected that Shibarium will be live in the next couple of months.

Before we get into the detailed analysis, let us quickly look at the latest news:

Shiba Inu Latest News, July 28th

  • The beta version of Shibarium Bridge, a cross-chain solution, is now live for public testing, according to a tweet from LucieSHIB, a marketing specialist for the Shiba ecosystem. Users are encouraged to test the platform but are advised not to use real assets and to verify authenticity before connecting their wallets.
  • Shiba Inu makes up nearly 12% of the biggest Ethereum investors’ holdings. Even among the top 100 Ethereum whales, Shiba Inu is a popular choice. According to WhaleStats, it’s their third-largest holding, right behind USDC and USDT.
  • A new indicator from IntoTheBlock shows that more and more people are getting into Shiba Inu coin. The number of first-timers jumped from about 30% to 65%. This means more people are trading the coin.
  • Expert’s view– Del Crxpto, a crypto analyst, tweeted that in the next bull run, $SHIB will be among the top 5 cryptocurrencies and $XRP will be in the top 3.
  • Shiba Inu’s price has been trending higher for the past month. However, its trading volumes are trending lower.
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Why Shiba Inu Is Not Dead?

  1. Real-World Stats: Payments, NFT, Gaming, Merchants List, DeFi
  2. The Shiba Inu ecosystem is expanding. Last year Shiba Inu ventured into the gaming industry with its new addition known as Shiba Eternity. Shibarium beta has been launched.
  3. Increase in wallets holding SHIB for more than a year. In the past, it was noticed that just about 1 percent of SHIB investors had been holding SHIB tokens for 1 year or more. Now the latest data by IntoBlock shows, that there are over 30% of SHIB holders have been holding SHIB for a year or more. This gives an affirmation that the SHIB investors are holding on to their assets rather than quitting the market.
  4. Shibarium launch in August 2023- Shibarium, a much-anticipated second-layer blockchain, might go live after a conference in Toronto this August. This release might occur during several events in Canada: the Blockchain Futurist Conference, ETHToronto, and ETHWomen hackathons.

Is Shiba Inu Coin dead? The Terra Luna comparison

The fears for Shiba Inu have increased because of the freefall of Terra Luna and the price of Luna from trading at over $80 fell to zero. But there are some differences

  • Terra was a blockchain project that had fundamental issues with the USD peg which was attacked by speculators. Still, despite the huge setback, Terra developers launched a new version of the Luna token to save the interest of the investors
  • Shiba Inu on the other hand is a meme coin that is evolving into something else to the surprise of many.

Ironically Luna Classic holders have been replicating the strategy of Shiba Inu holders and building a community to burn Luna Classic. As a consequence, $LUNC too had a decent weekend when compared to other major cryptocurrencies, just like Shib.

Is Shiba Inu Dead? Projects that Increase Trust In Shib

Shiba Inu has launched numerous innovations –

  • Shibverse (A Metaverse)
    • Shiba Inu developers have been working to shed off its “meme token” tag and now it is taking one more step in expanding the SHIB utility network. Shiba Inu is adding a Shiba Inu Metaverse to its network. Built on Shiba Inu’s homegrown Shibarium, the Shiba Inu metaverse will feature 100,595 plots of land. Users can mint the land and the owners will be able to earn income from their land. The Shiba Inu metaverse will come with four districts:
      • Growth District
      • Defense District
      • Technology District
      • Currencies District
  • Payments in places like AMC, Lavu, and Verifone
  • Shibaswap-DEFI

Is Shiba Inu Dead? SHIB isn’t in such a bad place after all

While it is true that SHIB is down nearly 32% for the last 12 months, Cardano 39%, and Solana 42%. The fact is that most cryptos are trading lower also because of the macroeconomic environment.

Is Shiba Inu Coin Dead: Conclusion

While it is almost impossible to predict what will happen in 2030, there is no doubt that Shiba Inu and its community are working hard to deliver an increase in the value of the Shiba Inu coin. The high-profile payment partnerships, as well as the launch of Metaverse Land auctions, is evidence of that commitment. Secondly, Global economies will recover later this year or next year, which will help coins like Shiba Inu recover and not die.

Read: Will Shiba Inu Reach 1 Cent? Detailed Analysis

Shiba Inu Price Prediction 2023-2030

Shiba Inu Price Prediction $1

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