Crypto investors are gaining trust in Shiba Inu after jumping 45% in the crypto crash ecosystem
Shiba Inu, the counterpart of Dogecoin, has finally relieved millions of crypto investors with a growth of 45% in its SHIB price. SHIB has received plenty of negative sentiments from crypto investors in the highly volatile crypto market in recent times. It has been observed that more than 80% of crypto investors incurred huge losses with the fall in the SHIB price of the memecoin Shiba Inu. Thus, this 45% growth has won back the trust of crypto investors in the depressed crypto market.
The dark phase of Shiba Inu
Since May June 2022, crypto investors are constantly in a storm where crypto prices are experiencing a crypto crash. Bitcoin, Ethereum, Terra, Tether, and many more cryptocurrencies have incurred losses in the crypto wallets of millions of crypto investors. June midweek showed that the SHIB price was still in a downtrend at an extremely oversold territory on the RSI (Relative Strength Index). Crypto investors were under pressure to observe the SHIB price reaching the lowest of US$0.00000628 in August 2021. In June 2022, it was trading at US$0.000008 for crypto investors to lose faith in Shiba Inu in this drastic ecosystem.
SHIBA price: Paving through the downtrend
At the time of writing, the current SHIBA price is US$0.00001025 with the 14th rank in the global crypto market on 30 June 2022. The market capitalization is US$5.61 billion with a volume of US$592.35 million. Being a memecoin, SHIBA has started winning the hearts of crypto investors in this current crypto crash environment.
Top reasons for the uptrend of SHIBA
One of the key reasons for the rise in the SHIBA is the implementation of the blockchain network known as Shibarium. It tends to utilize the BONE governance token in the form of its gas fees. Then Shibarium can manage smart contracts as well as transactions efficiently and effectively. BONE is known for allowing crypto investors to vote on the decentralized autonomous organization of the Shiba Inu ecosystem.
It has been speculated that the increase of the SHIBA price has been manipulated by crypto investor whales because Shiba Inu is one of the top memecoins with a large presence of crypto whales.
Another reason is the recent launch of the newly upgraded layer or the beta version in the blockchain network. It will help to reduce the existing transaction fees, maybe zero. There is a possibility of the official announcement regarding the Shiba games in 2022.
The Shiba Inu management or the Shiba Inu coin burn portal known as Shibburn has sent almost one billion SHIBA to dead wallets as well as 410.36 trillion have been burnt which can spike the memecoin price at the end of June 2022. The lesser supply than the demand can increase the price of a cryptocurrency after taking it out of circulation in the crypto market.
As a memecoin, Shiba Inu has shown an amazing improvement rate while gaining sufficient attention from millions of crypto investors across the global crypto market. More rise in the SHIBA price is expected because, in October 2021, it rose by more than 173% in a week. It helped crypto investors to drive profit efficiently and effectively.
It has to be remembered that most of the popularity of Shiba Inu depends on the hype in the crypto market. There is no real effect on the SHIBA price in real-life use cases unlike Bitcoin and Dogecoin — no intrinsic value in crypto wallets, only entertainment value. It is not suitable and reliable for a long-term smart investment to drive profit.
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