Shiba Inu has stolen several headlines this year for its price increase throughout 2021. Itreached an all-time hightowards the end of October, but those days now look like a long way away.
This is an insane climb from the depths. $shib is moving fast! Jump into the #shibarmy. This token will change the world. pic.twitter.com/AJpvSHhtjb
— Shannon Bray (@ShannonBrayNC) November 2, 2021
SHIB’s recent price crash has led to many individuals wondering if its relatively short time in the spotlight is over. But is this the case, and what might stunt Shiba Inu’s growth? Let’s take a look.
How far has Shiba Inu fallen?
On 28th October, the price of 1 SHIB to the USD was at $0.000088 — its highest-ever amount. But today, it has fallen to $0.000058.
Over the last week alone, the price of Shiba Inu has declined by over 14%. And in the last 24 hours, it has dropped by 1.89%.
What might hold SHIB back?
SHIB has a strong internet following for its meme nature. It’s not too different from Dogecoin, after all, meaning that casual investors — or people looking for a place to start — might be drawn to purchasing it.
One issue with Shiba Inu is that it doesn’t solve any particular problem other than boredom on Twitter. The likes ofBitcoin, Ethereum, Solana and USDT have risen above other cryptocurrencies because each of them has a clear reason for existing beyond memes. If a currency exists for the sake of existing, it offers little reason why people should put their money into it.
Another issue with SHIB is that often, social media determines its price. When more people talk about the coin and a larger amount of hype is generated, the graph increases. Hype is only temporary, though, and things come crashing back down when people stop talking as much.
Should I still buy SHIB?
If you’re looking for a cryptocurrency to make significant long-term profits on, SHIB is probably not your coin. Nonetheless, you might find that you can capitalise on short-term hype and make quick returns on your investment if you’re tactical.
If you think that Shiba Inu would be a good investment, it’s worth looking at online reviews for different platforms. This way, you can discover what users do and do not like — and which one is the best choice for you.
Remember to only buy as much as you can afford.
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