The value of the Shiba Inu could plummet – Why is Dogecoin’s rival crashing?
SHIBA INU is one of the newest crypto coins to gain traction, thanks to Dogecoin’s recent overnight popularity. However, according to one analyst, it might all end in tears if SHIB’s value “goes to zero” as investors seek more secure investments.
As of the time of writing on Friday, June 4, the price of Shiba Inu was $0.000008568, down 12.58 percent in the previous 24 hours. According to Coin Market Cap, the coin, known as SHIB, hit a peak of $0.00000994 in the last 24 hours, but is now lagging closer to its lowest point – $0.00000831 – recorded over the same time period. The cryptocurrency token is named after and modeled after Dogecoin, a cryptocurrency that began as a joke but has since evolved into a money-making meme machine.
SHIB, which is less than a year old, has a market capitalization of more than $3.8 billion as of early June 2021, making it the 32nd largest cryptocurrency by market capitalization.
In another sense, despite its growing fame, SHIB is still a little company.
SHIB has been plunging in recent weeks, with its price now being substantially lower than it was three weeks ago on May 10.
The coin’s all-time high was $0.0000388 on May 10, putting it 78.12 percent below this amount at its current value.
The coin’s modest price, especially when compared to other well-known cryptos such as Bitcoin, which costs more than $38,000 for a single token, makes it an exceptionally appealing option for investors.
However, just because something is popular does not automatically imply that it is a wise investment.
Clients are seeking for more sustainable, long-term investable crypto assets, according to Grant Whitlock, head of trading at UK-based digital asset broker GlobalBlock.
Mr Whitlock told This website: “At GlobalBlock, we notice less volume in ‘meme’ coins like SHIB and Dogecoin.
“Our clients are particularly interested in the core digital assets that they believe have the most potential to revolutionize business processes and computer technology,” says the company.
Ethereum, Polkadot, and Cardano are just a few examples.
Mr Whitlock’s company does deal with tokens like SHIB, but he explained that they are more likely to fail to produce beneficial results in the long run.
“Because of their popularity, there is potential for them,” the crypto expert continued.”Brinkwire Summary News”.