SHIBA INU IS DOWN 50% FROM IT’S ALL TIME HIGH: IS NOW THE TIME TO BUY?

Over the years, Mankind has evolved so much. From barter exchanges to the introduction of money as a medium of exchange. In today’s time, this evolution has been at its peak with high involvement in investment opportunities, more so in the stock market. They are shown to be risky but high in annual returns and have outperformed even gold, silver, and other commodities.

But now, the shift has been from the stock market to cryptocurrencies. These have become the buzzwords of the market. Let us talk about one such amazingly popular cryptocurrency, SHIBA INU. And also how Shiba Inu is down by 50%.

SHIBA INU’S STRIKING GROWTH

Shiba Inu made its introduction on August 1, 2020, on CoinMarketCap.com. Its coin supply was one quadrillion tokens. Shiba Inu’s coin price at this starting stage was $0.00000000051. It gained momentum rapidly and reached its all-time high on intraday trading with its one token price coined at $0.00008841. This initial low price resulted in their growth by more than 190% in less than a year. This increase in investment opportunities is seldom seen in cryptocurrencies.

There can be several other gazillion reasons why it has been on top.

Shiba Inu also rose to its value as Elon musk tweeted about the same. Mr. Elon Musk, the great mind behind Tesla, owns a pet, a Shiba Inu pup. He posted a picture of the same on Twitter, which spread rapidly like fire.

One other reason can be seen in its ever-growing community. More than 850,000 people own a stake in Shiba Inu. Over the past months, cryptocurrency exchanges with SHIBA INU have increased, boosting awareness of this digital form of money in the community.

Many people are interested in this ever-growing concept, be it from the high annual returns or just missing out on trends. The growing awareness is seen in the rising investment in bitcoin, from July 2010. People still are in search of something much better that can imitate such impressive growth.

Along with the SHIBA INU coin price witnessing this growth, they have introduced something called “SHIBASWAP” that acts as a decentralized exchange and lets investors build a passive income. It is more on the tangible side, and it encourages people to have a tighter grip on their Shiba Inu stakes.

But everyone knows that market share, as well as the market for cryptocurrencies, are very risky. It is always advisable to learn and research by yourself before making a firm decision.

SHIBA INU CRASHING

Every good thing comes with a downside, and SHIBA INU is no such exception. On November 4, shortly after its introduction, the Shiba Inu coin price came crashing down almost by 50%, making its token price $0.00004340.

Reasons may include a person who owned the lion’s share of stakes cashing out. One investor handled over 70 trillion tokens during its introductory stages, worth $8,000 at that time. This helped SHIBA INU to increase its worth by about $5 billion. Recently, this person had transferred about 40 trillion of his stake to 4 different web addresses. People think this investor may be thinking of cashing out his whole stake.

Adding on to this, it might also be because the tax structure is now well-known; investors may be looking to cash out. They may be doing so to reduce taxes that may arise due to capital gains.

Shiba Inu price prediction could have been foreshadowed looking back too. There have been many other cryptocurrencies that have had up to 6 figure percentage growth over the years. Virtually, almost all of these have seen to lose about 90% of their value. Maybe this could have set a precedent for Shiba Inu crashing.

DEBATE: TIME TO INVEST OR NOT TO INVEST.

As Shiba Inu is down 50%, people have become reckless with the question of whether to invest in it or not. We advise you to take things lying down for a few months now!

Many cryptocurrencies have been used for payments on online platforms. But many have crashed because they no longer have any use for payments. For example, Bitcoin crashed as soon as Elon Musk stated that; Tesla would not be accepting cryptocurrency for buying cars.

Cryptocurrency has gained much popularity in the last few years, but it is still far from gaining mainstream popularity. One of the places where crypto is highly popular is online betting sites. Even though we can use crypto in some of the best new online casinos, Shiba Inu is yet to gain as much acceptance as Bitcoin and Dogecoin. Dogecoin is accepted as a form of payment by more than 1500 merchants, which is a lot more than SHIBA INU. By this number, we can see the Shiba Inu coin price having little to no use.

The holding time also insinuates the value a cryptocurrency has in its lifetime. Coinbase has listed Shiba Inu’s average hold time to be just 11 days. This is comparatively less than the average period of 30-90 days in the crypto world. Even with ShibSwap, the Shiba Inu coin price remains down, and investors don’t stick around for long.

There are over 13,600 cryptocurrencies available due to no barriers to entry into the crypto market. Even though not many of them will survive in the long run, SHIBA INU seems to be making its place on that list.

Shiba Inu has become everyone’s true favorite, but with not much competitive advantage, there are probably more negatives to take into account.

IN CLOSING

 The cryptocurrency market has always been risky. New crypto-coins like Shiba Inu are more dangerous than most that have been in the market for a longer time. This could lead to people being more open to scams and dishonesty.

Seeing as Shiba Inu is down by 50%, it is always better to research by yourself before investing in any form. But yes, most of the time, it is impossible to predict the prices and situation in the crypto market.