Emerging Shiba Inu ‘Death Cross’ Makes it the Perfect Bitcoin Replica!
The hype around the meme coins is dying resulting in Shiba Inu coin’s price drop
Shiba Inu death cross is occurring as the short-term price action might be in jeopardy as a negative moving average (MA) cross appears on its four-hour chart. Such a negative cross occurred in late August, and in the weeks that followed, the SHIB price dropped from a high of $0.00001483 on August 25, 2022 to a low of $0.0000092 on October 14, 2022. A positive cross was produced by the rise in late October, but the surge was brief because of the bearish market circumstances seen thus far in November. Shiba Inu hype shot up in 2021 when the coin became one of the biggest gainers after increasing by 50,000,000%. But since late October, the coin has been plummeting. This is because the hype around the meme coins is dying. That’s why the Shiba Inu price has been dropping for almost 5 months now. The biggest challenge for the Shiba Inu project is utility. The Shiba token grew out of hype and not products. That’s why when the hype started slowing, the price started to drop and has been plummeting since then. The Shiba team is now working on building products for its ecosystem, but the pace has been slow. That’s why the coin has been losing holders, while the market cap and the price have been dropping.
Why is Shiba Inu falling?
One of the biggest reasons is that the whole Crypto market is down so is Shiba but sudden drops in Shiba Inu prices are mostly related to panic selling by the holders. Even a small drop in price sometimes triggers panic selling as people are afraid of losing money but holding and buying the dip seems to be the best option. The biggest challenge for the Shiba Inu project is its utility. The Shiba token grew out of hype and not because of products. That’s why when the hype started slowing, the price started to drop and has been plummeting since then. The Shiba team is now working on building products for its ecosystem, but the pace has been slow.
Will Shiba Inu continue to drop?
Shiba Inu’s collapse is likely to continue while it is impossible to predict the future, Shiba Inu’s weak fundamentals and concentrated ownership make it a high-risk asset. And the token’s valuation is likely to continue collapsing in 2022.
How will Shiba Inu make a comeback?
Shiba Inu seems profitable in the long run because many whales are buying and holding a lot & Shibas are burning at fastest rate possible, also many new projects are being introduced to the platform and by the community like integration with metaverse and Web 3.0 projects. Soon Shiba may also see many uses like other utility tokens if everything goes well by the planning. So, these falls are temporary and Shiba holds a bright future if all plans are executed successfully. If Shiba Inu were to reach a penny, the cryptocurrency would be worth multiples more than Bitcoin. Because of the massive amount of capital required for SHIB to reach a penny, it’s highly unlikely this will happen.
The biggest developments are coming up this year and have the potential to explode this coin. The Shibarium and the Shiberse are two major Shiba Inu developments that crypto analysts say will be a game-changer for this project. Shibarium, a layer-2 scaling solution, is widely anticipated because of the impact it is going to have on this coin.
Shibarium is a scaling protocol designed to scale Ethereum, which is the network that Shiba Inu is running on. With the launch of this scaling protocol, the Shiba Inu project will significantly reduce the amount of gas that users have to pay when transacting SHIB.
Is SHIB crypto a good investment?
If you are considering investing in high-risk cryptocurrency tokens, including Shiba Inu (SHIB), we recommend that you always do your research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any trading decision. Keep in mind that past performance is no guarantee of future returns. Whether the Shiba Inu token is a suitable asset for you will depend on your risk tolerance and how much money you intend to trade. Never invest money that you cannot afford to lose.
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