Shiba Inu is having a hard time due to the bitcoin market drop.
The downturn in the crypto market is so destructive that all investors in Shiba Inu are facing rough times. According to current data, 81% of Shiba Inu owners have lost money in SHIB. This amount may be higher given the meme currency’s continually falling trading price, which is about US$0.0000076 after losing about 7% in the last 24 hours. It’s easy to understand by looking at SHIB’s 90% collapse from its October 2017 peak of US$0.000088.
Shiba Inu community has been struggling for weeks. The coin has dropped 30% in 7 days as of this writing. SHIB has dropped to 5th-zero, and the bears are still selling. SHIB was selling at US$0.000007616, its lowest price in 8 months. SHIB investors who acquired during the ATH have lost 91% of their investment.
Shiba Inu’s Past
Long-term Shiba Inu owners are growing. 19% of SHIB holders have held their tokens for more than a year, 77% for less than a year, and 3% for less than a month. U.Today stated in late December 2021 that Shiba Inu owners were mainly short- and mid-term, with 14% and 86%, respectively. At that point, there were no long-term holders. Six months later, long-term Shiba Inu owners (19%) outweigh short-term owners (3 percent ). Mid-term holders were reassigned, yet they still own 77% of Shiba Inus.
Shiba Inu killed Dogecoin in 2021. Ryoshi created Shiba Inu in August 2020. Shiba Inu was named after a dog breed, like many cryptocurrencies. The founder developed Shiba Inu on Ethereum because the blockchain is well-established and secure, according to its white paper. SHIB grew 700% since the beginning of the second quarter of 2021, rivaling Dogecoin, whose value rose after Elon Musk’s intervention. The abrupt market fall at the end of 2021 ended this uptrend, leaving investors to wonder whether to purchase, hold, or sell SHIB.
Summary
Cryptocurrencies undermine fiat currencies. No evidence or speculation suggests Shiba Inu will be adopted in the next years. Volatility still plagues SHIB holders. Several market experts and crypto professionals have urged investors only use SHIB for short-term investments.
