Following the big bull rally, the price of Shiba Inu has returned to a more modest level.

As names like Shiba Inu, Dogecoin, Bitcoin, and Ethereum made the news on a consistent basis during the month of October, the cryptocurrency market experienced a similar whirlwind. Nonetheless, SHIB was the standout cryptocurrency of the month, with its price increasing by up to 950 percent over the course of the month due to a variety of factors, sparking an unprecedented memecoin run.

Unfortunately, after the tremendous bull run, the price of Shiba Inu has gone back to a more reasonable level. However, new investors who have lately tried their hand at SHIB are asking whether there is another opportunity to enjoy the advantages.

The creation of memecoins is both amusing and suspicious at the same time. We all know that Dogecoin was created as a result of internet memes and jokes that spread around the internet in 2011 and 2012. The popularity of dogecoin skyrocketed in 2020, propelling the Shiba Inu dog breed to the top of the popularity charts. Shiba Inu was founded in August 2020 by an unknown individual or group of individuals known as “Ryoshi” as a result of the growing interest in the name.

SHIB, like Dogecoin, had a modest profile for a lengthy period of time before becoming popular among mainstream investors. Over the course of the last month, Shiba Inu has momentarily entered the top ten cryptocurrencies list and has also passed its domestic opponent DOGE for the first time in terms of market capitalization.

As a result of the quick increase in value, many investors have diversified their portfolios with SHIB investments. After the dust has cleared, the price, on the other hand, has been on a downward trajectory. In this article, Analytics Insight examines the possibility that the price of Shiba Inu may hit another all-time high this month.

Shiba Inu Basics: What You Should Know

Shiba Inu is a well-known memecoin that has lately followed in the footsteps of dogecoin in terms of popularity. However, because of its potential to exceed the original memecoin, the cryptocurrency is also referred to as the “dogecoin killer.” SIB is a decentralised, community-building cryptocurrency that was created as “an experiment” inside the Shiba Inu ecosystem and is now in beta testing. In contrast to bitcoin and ethereum, memecoins often have a loyal fan following that drives the price up and down when the situation calls for it. Despite the fact that dogecoin was the only memecoin to have such a large number of followers in the early days of the farm, everything turned upside down in 2021 when SHIB gained prominence. If these investors want to do so, the price of Shiba Inus might likewise be set ablaze.

What Was the Root Cause of the Recent SHIB Price Rally?

Elon Musk posted a photo of his Shiba Inu puppy called “Floki” on Twitter at the beginning of October, with the description “Floki Frunkpuppy.” Musk has now deleted the remark. Musk is referred to as the “Godfather of Dogecoin” because of his ability to push up the value of the cryptocurrency. His involvement in and opinions on SHIb, on the other hand, have stayed beneath the radar. The price of Shiba Inu increased by 120 percent after his post, much to the surprise of everyone who saw it.It was the first time this had happened.

Over the course of the following few days, SHIB grew in popularity as a result of a slew of events. A petition on Change.Org, which calls for the inclusion of the Shiba Inu coin on the Robinhood platform, has garnered traction among investors. The petition received more than 300,000 signatures, resulting in a significant increase in the price of SHIB. Despite the fact that Shiba Inu has not yet been listed on Robinhood, several other well-known cryptocurrency exchanges have already included the token in their trading portfolio.

Shiba Inu has also declared its intention to join the NFT market at the same time as Shiba Inu. According to reports, the developers were going to create a collection of NFTs that would include 10,000 photos of Shiboshi characters, according to the creators. Furthermore, FOMO (fear of missing out) has resulted in a significant increase in SHIB adoption over the previous month.

What is causing the Shiba Inu price to fall now?

After reaching an all-time high of US $0.00085 on October 28, SHIB has been regularly buffeted by the downward trend that began shortly after. Since then, the price has dropped to a more reasonable US $0.0125 per unit. According to analysts, this was created when the appeal of the market began to diminish after the release of the US inflation data. If SHIB fails to make a recovery in November, its price might go as low as US $0.0003535, which is the level at which it has previously failed to break through the barrier.

Shiba Inu may also have a difficult month this month, according to a number of facts and figures. When compared to Dogecoin, experts believe that SHIB has less real-world usefulness. When compared to Shiba Inu, DOGE seems to be a memecoin that is widely recognised and enjoyed. Even when compared to its memecoin rivals, the history of Shiba Inu has been exceedingly erratic. As a result, the digital token becomes untrustworthy. Despite the fact that crypto investors are enticed by large price increases, they are not interested in short-term returns. This short-term gain-making ability of SHIB makes it an unreliable source of long-term investment income.

Will the Shiba Inu reclaim its rightful place in November?

According to the DigitalCoin projection, SHIb would reach US $0.0001331439 in 2022 and US $0.0001441908 in 2023. By 2025, it is possible that it will be pulled down to US $0.0002090732. Despite the fact that this study indicates a good trend, several other reports indicate the opposite.

By the end of 2022, Wallet Investor predicts that SHIB will have dropped to US $0.000098 per unit. They also emphasise that Shiba Inu is not a good long-term investment choice. Briefly said, even if SHIb regained popularity in November, there is less likelihood that it will continue to do so for an extended period of time.

1 comment
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Does Cryptocurrency Mining Pose A Terrifying Threat To Environment? Its Negative Consequences And Possible Solutions

People became aware of the existence of cryptocurrencies as the value of bitcoin and other cryptocurrencies skyrocketed. Over time, individuals have traded and invested in virtual currencies in such large quantities that they have grown to become a $2.2 trillion business as of April 2021, according to CoinMarketCap.

Bitcoin Receives Taproot Update After 4 Years Of Wait

The Taproot upgrade is focused on improving the privacy and efficiency of transactions, and most crucially, it will unlock the power of smart contracts, which will eliminate the need for intermediaries in transactional transactions to take place.

Top 10 Cryptocurrencies For Long Term Investments In 2022

Analyse the top ten cryptocurrencies for long-term cryptocurrency trading in 2022.With the…

Buy These 3 Metaverse Cryptocurrencies Before They Surge Too High

Many metaverse cryptocurrency initiatives have been launched that perform very similar things to Meta, but in a more decentralised manner because their metaverses aren’t controlled by a single body like Meta’s.