Shiba Inu

Shiba Inu, the “Dogecoin Killer” is losing its charm

Crypto Finance Technology

Several crypto coins are losing their luster as a result of the crypto crisis. Shiba Inu is one such example, which was previously in the top 10 digital tokens but is currently struggling to stay in the top-15.

The value of the dog-based meme token, also known as the joke token, has decreased by nearly 75% since its peak of $0.00008 in late October 2021. At 13.30 IST on Thursday, it was trading at 0.00002008.

Shiba Inu dubbed the “Dogecoin Killer,” is losing its allure. After the price of Bitcoin dropped to a six-month low, the price of all cryptocurrencies dropped as well.

Shiba Inu’s overall market cap has plummeted to $11.35 billion. During its heyday, it was worth up to three times what it is now. However, because of its dirt-cheap price, the token’s trading volumes have remained healthy.

Shiba Inu is based on the Ethereum blockchain and does not have its blockchain. Shiba’s circulating quantity is extremely limited, making the meme token a high-risk investment.

According to Coinmarketcap, there is a total supply of 589,735,030,408,323 SHIB tokens, with 549,063.28 billion available for circulation on the market.

Shiba has a limited amount of use cases for now, and it’s battling for crumbs even as a payment option. It’s impossible to say whether SHIB developers will continue to contribute value. It states that its developers are volunteers, and the future is only seven paragraphs long, with half of them devoted to marketing.

According to market experts, Shina Inu is a speculative investment that does not meet any of the criteria for strong fundamentals. Meme tokens like Shiba Inu will swing dramatically with market sentiments due to their lack of intrinsic value and utility use-cases, according to Praveen Kumar, founder, and CEO of Belfrics Group, a crypto exchange.

However, not everyone is pessimistic about the meme coin, and some are betting on it to rise sharply shortly. Shiba Inu, according to supporters, has simply followed in the footsteps of other crypto coins.

Despite the recent drop in the last month, the Shiba Inu investment community has maintained a respectable trading volume. According to Nitish Sharma, Global CEO of TP Global FX, Shiba Inu is falling because the entire cryptocurrency industry is in a bear market. “Cryptocurrency is like any other trading market in that there will be a bear and a bull market.”