Will Shiba Inu Follow Terra’s Suit and Head Towards a 99% Fall?
Shiba Inu is currently declining rapidly, giving nightmares to the investors
The price of Shiba Inu has been plummeting for quite some time now and crypto experts believe that it could dive even further. Currently, the crypto market is at its worst position as Bitcoin dived below US$29,000, taking down the entire crypto market with it. The condition is so bad that even stable coins have taken a dive now. TerraUSD ‘depegged’ from its US$1 value and drove down its sister token Terra LUNA below 97% and massacred 95% of the investors’ profits. Experts believe that if Shiba Inu continues this downtrend, the crypto is due for more decline. The SHIB token price demonstrates that more price drops are likely to happen for the self-proclaimed ‘Dogecoin killer.’ At the current moment, the biggest problem with any cryptocurrency is its reducing number of transactions, drops in holders’ accounts, and the declining price of all tokens.
According to coinmarketcap, currently, the Shiba Inu price is trending at US$0.0000105, at the time of writing this article. Shiba Inu is rapidly losing support from its investors who believed that buying the dip would result in a profitable decision. But instead, the Shiba Inu price kept falling, engulfing itself in a bearish mode. Owing to the falling conditions of the SHIB token, the developers acted hastily to make up for its falling value. They launched a new burning mechanism on its ShibaSwap exchange that allows holders to burn their tokens whole also earning a passive income. It’s beneficial for investors because the SHIB token is scarce and will be preferred during periods of inflation. But unfortunately, even rising conditions of global inflation have got investors to look for more centralized and traditional forms of assets, instead of cryptocurrencies.
Experts believe Shiba Inu could dive even further
The cryptocurrency’s price is plummeting rampantly which has discouraged so many investors. Shiba Inu joined the Robinhood exchange in April, but that was only enough to neither raise its price nor its trading activity. In the entire first quarter of 2022, the SHIB token has been dragging below 70% in its transactions. According to reports released by Robinhood, the trading activity among millennials that helped boom the cryptocurrency market is finally dying. Cryptocurrency revenues have declined by 39%. Hence, it is not just Shiba Inu, Terra, and or Bitcoin, all the cryptocurrencies have been declining together. And if we talk about Shiba Inu particularly, investors’ trust in this cryptocurrency has been breached too many times. Its consistent criticism from crypto experts is enough to drive investors away from it. And back in April, when it failed to actually perform even after being listed in the Robinhood, investors further took to other investment assets.
In a nutshell, it is quite difficult to predict if Shiba Inu will actually follow Terra’s suit because volatility can cause a crypto’s value to dive and also cause it to spike. Hence, it is probably not yet time to lose all hopes, but when it comes to investing, crypto buyers and traders should definitely consult financial advisers before diving into the crypto market.
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