Shiba Inu Might Fall Back To US$0.00001 If It Fails To Make A Recovery

2022-05-09 | Selina Mathew

Shiba Inu Might Fall Back To US$0.00001 If It Fails To Make A Recovery

Shiba Inu joined Robinhood in April, but the addition was only enough to provide the stock a brief boost in price and trading activity. For the previous several months, the Shiba Inu (SHIB) price has been falling. In the next adverse market environment, the coin will make minor gains before falling further. That's why it's been falling for the past five months, and crypto experts predict that Shiba Inu will continue to fall. The major issue for SHIB right now is a decrease in transaction volume, as well as the holder's account and token price.

For the most of 2022, the currency has been in free fall, discouraging many investors. The absence of usefulness to develop the enterprise is the main reason why investors have been departing Shiba.

Shiba Inu joined Robinhood in April, but the addition was only enough to provide the stock a brief boost in price and trading activity. The number of transactions recorded in the blockchain plummeted by 70% in the first quarter compared to the previous quarter, with SHIB transactions falling to 216,260 in April 2022 from 329,893 in March. This corresponds to a larger drop in the value of SHIB, which is now down more than 75% from its October high, as well as waning interest in cryptocurrencies in general.

How can SHIB become more valuable?

Inflation is a common strategy used by cryptocurrency developers to raise its price. Shiba Inu will also generate scarcity by consuming a large number of tokens. There are 589,736,561,989,744 SHIB tokens in circulation right now. The huge burn may have a negative impact on overall circulation.

SHIB/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM

Furthermore, the founder of Shiba Inu has stated that the burn is likely to allow meme coins to join the metaverse realm. The ShibaInu Core Devs (SICD) is working on a metaverse named 'Osiverse,' according to Ryoshi.

 

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