As the correction in the cryptocurrency market develops,gloomy forecasts about the fate of one or anothercoins. This time, the Finder agency issued a warning about the imminent demise of SHIBA INU and a decrease in interest in the entire class of meme-cryptocurrencies.
Image Source: Cryptocurrency ExchangeStormGain
In the best months, SHIB provided investors with 1000%profitability, and the capitalization of the network at the peak exceeded $40 billion. From the highs, the coin “lost” almost eight times, and even the upcoming listing on the sensational Robinhood site does not cause a bullish impulse. But the petition asking to add SHIB gained more than half a million signatures.
Image source: change.org
As explained in the Finder, the death of SHIB is a questionfrom the "when" section, not the "if" section. The crypto-currency market is following a natural evolutionary path, and investors are increasingly choosing instruments that have practical utility or value. Gone are the days when traders bought hundreds of different coins in the hope that some of them would show crazy gains. And the main interest in SHIB - a joke coin - is just formed under the influence of emotions, and is not based on dry calculation.
This is confirmed by the analysis of factors leading toprice spikes. Crypto experts interviewed by Finder cited "hype" and media mentions as the driving force for SHIB. For example, on March 14, 2021, Elon Musk tweeted about his desire to get a Shiba Inu, only later explaining what he meant by a dog of this breed. However, information about the coin quickly spread on social networks, which showed a 300% increase in a few days.
Image source: twitter.com/BtcSolidus
SHIB is built with Dogecoin in mind, andthe original goal of the project was to achieve the same capitalization. Last fall, the goal was achieved, since then the coin has continued to lose to its predecessor.
Image Source: Cryptocurrency ExchangeStormGain
Unlike Dogecoin, SHIB isjust an ERC-20 token issued by an anonymous 1 quadrillion. Such a large issue is caused by the desire to ensure a low cost of the coin to involve as many investors as possible.
Developers recently launcheddecentralized exchange, and SHIB got its own burning mechanism. However, this did not help: the amount of blocked funds in ShibaSwap continues to decline and currently totals less than $60 million. According to Finder, by the end of 2025, SHIB will cost $0.0000025, or five times cheaper than the current value.
Analytical group StormGain
(platform for trading, exchanging and storing cryptocurrency)
