Will Shiba Inu Recover?
|Will Shiba Inu Recover: Shiba Inu has been able to trade at over $0.000010 but the price of Shiba Inu remains well below its January 1st week price. As of now, the recovery of Shiba Inu depends upon the overall market condition.|
Shiba Inu like any other cryptocurrency is trading lower but the year-to-date loss of Shiba Inu is higher than most of the cryptos in its category. Shiba was launched as a competitor to Dogecoin. Both the cryptos were launched as “meme coins” and both have been trying to shed their Meme Coin tag in the last few months. Compared to Dogecoin, Shiba Inu has lost more this year.
Will Shiba Inu Recover: Shiba Inu vs Dogecoin
|Last 5 Days||Last 30 Days||YTD|
In the last five days, both Shiba Inu and Dogecoin have lost slightly over 2%. However, if we look at the last 30 days’ chart, Shiba Inu is trading positively while Dogecoin is trading negatively. However, on the YTD chart, SHIB is performing badly as compared to Dogecoin.
The crypto market is yet to show any recovery, this has been one of the main reasons for Shiba Inu trading lower. There have been no signs of recovery as of now. However, if the market condition improves, Shiba Inu is expected to rise higher.
Will Shiba Inu Recover?
Shiba Inu developers have been expanding their ecosystem and are on their way to shedding off their MEME coin tag. In the last 6 months, many projects have been announced that could differentiate Shiba Inu from other meme coins.
Shiba Inu’s developers have recently launched their burn platform which could help them burn the SHIB tokens which have been in circulation in abundance.
Shiba Inu is also venturing into the metaverse with its own metaverse platform, Shibverse. Added to it one of the most awaited projects of Shiba Inu is the Shibarium. Shiba is built on the Ethereum blockchain, therefore, an investor making a transaction will have to pay the gas fee charged by the ETH platform which in turn is very high. Shiba Inu’s developers are coming up with their own blockchain platform, Shibarium which will help them move ahead of ETH support.
Read: Best Bitcoin Wallet 2022
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in stocks or coins. Please consult a registered investment advisor to guide you on your financial decisions.