The Shiba Inu craze is far from over
Several factors contributed to the fall in its price this week, including the US Infrastructure Bill
Shiba is backed by a passionate fan base and will grow
I have never been a fan of meme coins and will never be one but hey, the sign of a smart investor is cashing in on trends and I would be lying if I said I do not own a stash of Shiba Inu.
Meme tokens often have a passionate community rallying behind them and these tokens are likely to do well in the short- and long-term if they add a value of some sort to the community supporting them and what better value than immense profit!
We all read about the Shiba Inu investor who turned $8,000 into $5.7 billion in roughly 400 days – the greatest individual trade of all time? Perhaps. Shiba Inu is currently trading at under $0.00005 and this is good news.
Why Shiba Inu will continue to hold value
Shiba Inu is a top-20 cryptocurrency and briefly toppled Dogecoin earlier this year as the most valued meme token by total market cap.
The passing of the US Infrastructure Bill coupled with China’s continued crypto crackdown, enormous Bitcoin profit booking and the rejection of a spot Bitcoin ETF by the SEC culminated in the fall of several altcoin prices this week, including Shiba. Shiba Inu is backed by a strong community and will continue to grow in the coming months.
With a market cap of over $20 billion at the time of writing, it is clear to see how well backed the crypto token is. Things could certainly change for the better if this collaboration works out…
Shiba is trading below $0.00005, so it could be a good punt to purchase a few million Shiba tokens and become a proud member of the family!
Of course, given Shiba Inu’s hefty total token supply, the cryptocurrency is unlikely to surpass $0.01 anytime soon unless HUGE quantities of the crypto asset are burnt. Seek short-term gains and keep a keen eye on all burning activities/proposals.
Shiba’s continued community growth is a moderately bullish sign that the underdog coin will continue to soar- as long as market volatility doesn’t flush out its inexperienced new users. There are other developments in play though as well. Shiba transactions currently cost a lot – the launch of Shibarium Layer-2 should address this issue. A significant, consistent burning mechanism is the need of the hour, given the sheer number of Shiba tokens in existence. The Shiba team is making progress on this front with Shiboshi NFT and NOWPayments collaborations.