Mon. Apr 15th, 2024

Many people believed that the Shiba Inu (SHIB) would be the currency that would make them rich, although the truth is that he walks daily towards a possible certain death. Its current market value is $0.00000829 per token and there are still people who believe in the future of this memecoin. Since it has a very low value, Shiba Inu holders believe that the coin will overtake Dogecoin again, becoming the largest meme coin on the market. The problem with this hypothetical situation is precisely its technology, still based on the Ethereum network, which makes unfeasible to become a means of payment as the main rival, which uses its own network that is much more advantageous in this regard. In any case, other alarming points weigh against the project, which must be known by its followers, even the most faithful.

After glory days, Shiba Inu seems to be slowly walking to his death

Even with love for the project, a fact that the community Shiba Inu (SHIB) What you can’t help but notice is that global interest in this project has dwindled a lot in the last year. Considering only the last 8 months, when the meme token reached its all-time high, which was $0.000086, the currency has already plummeted 89% at $0.00000829 today. The movement is far from over, as the use cases for this meme are not exciting the market, especially its role as a means of payment. Even the burning of SHIB in the market does not excite investors, since even taking coins out of circulation, the total number of tokens is still high, with trillions of coins created, which is even a factor that slows the rise in price of this coin. This coin attracted attention after registering strong rallies in the cryptocurrency market, a space where this is totally common. In this way, nothing guarantees that the Shiba Inu will appreciate again, since many coins have already gone through the same situation and died later, Verge (XVG) being one of the best known examples. In recent days, the community has been concerned about the disappearance of the creator of the currencywho deleted his social networks.

What could change the Shiba Inu scenario?

Something that could change the course of an eventual certain death would be the strength of the community created around this project. This is known as the ShibARMY and has attacked those who publicly speak ill of the currency, arguing that the project is promising. The data from etherscan show that 1,177,479 wallets still hold this coin, which means there are plenty of avowed Shiba Inu fans who can help the project survive. Also, there is still hope in the community that their DeFi works and the apps on the shiba inu metaverse they will be interesting to attract new users and fans to the project.

Is SHIB the only one under pressure? Altcoins pass the tests

It is worth remembering that the possible death of the Shiba Inu is not only the only highlight of the bear market, since it is the moment in which the priority turns to high quality projects, such as Bitcoin, with 13 years of operation behind it. technology. Thus, it is possible that several altcoins, as it happened with Terra (LUNA), begin to die for not being good market projects. With cryptocurrencies falling and a scenario of high inflation in the world, betting on alternative currency risks should put pressure on altcoins in the coming months.

By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.