The Shiba Inu has been one of the biggest sensations among cryptocurrencies in recent years. But with the onset of the bear market, he experiences the difficulties of new meme coins and heavily hyped cryptocurrencies for the first time. But can the Shiba Inu price explode in the future as it has in the past? Is Shiba Inu a good buy?
In this article, we describe the journey of the Shiba Inu token over the past few years and make a prediction as to whether the coin can rise again massively in price in the future.
What is the Shiba Inu Coin?
The Shiba Inu Coin is a cryptocurrency that is still very young and only emerged in 2020. It’s a meme coin, a fun currency that wants to poke fun at bitcoin and the concept of cryptocurrencies. It has no clear functions and a special use case.
Shiba Inu is the spiritual successor to Dogecoin, the first meme coin, which has been one of the most successful cryptocurrencies on the market for several years. SHIBA calls itself the “Dogecoin Killer”. Instead of a confused Shiba Inu dog (the Dogecoin’s symbol), the Shiba Inu has an aggressive Shiba Inu dog as its symbol.
How did the Shiba Inu become famous?
After Dogecoin’s long history of success, many observers thought that this extraordinary history could not be repeated again. But the Shiba Inu was able to become extremely successful within a few months. The coin was created in mid-2020, so it was only a few months before the bull market picked up speed at the end of the year. However, the Shiba Inu hardly benefited from this for the time being.
However, the SHIBA benefited from the climate of the bull market, since this always brings an extremely large number of new investors into the market. These feeders are ideal for fueling hype around a meme coin like the Dogecoin and the Shiba Inu . The Shiba Inu saw its first major surge in April 2021. Then, in May 2021, the price exploded and saw a massive rally. We then saw another rally and the rise to the all-time high at the end of October.
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How will the Shiba Inu price develop in 2022?
After the all-time high at the end of October 2021, the Shiba Inu suffered some losses. Unfortunately, the bear market began in November 2021, which of course also had a strong impact on the Shiba Inu price. The price fell almost 75% from November to the end of January. We also saw further losses in the months that followed.
Until mid-June, the Shiba Inu price collapsed more slowly, but still. Ultimately, the SHIBA has lost more than 80% of its value since its all-time high. During its bull run, the coin was at times in the top 10 most valuable cryptocurrencies by market capitalization. In mid-2022, Shiba Inu has fallen to 14th place, while Dogecoin remains in the top 10.
Why did the Shiba Inu price drop so much?
If we look at the other top cryptocurrencies, we can see that most coins have lost around 70-80% from their all-time high to the mid-June 2022 low. For Shiba Inu, the loss was well over 80%. With this, the Shiba Inu price lost more than the other cryptocurrencies in the top 20.
The heavy losses are normal for a meme coin. The coin saw several massive bull runs that eclipsed everything else. The profits from meme coins can be larger in percentage terms than those from “normal” cryptocurrencies. Because these bull runs are based on massive hypes, some of which are caused by the spread of memes on social media. Celebrities continue to share their enthusiasm for the coins, which drives more investors into the coin. As with Dogecoin, we saw an extreme price increase in a short time.
After these massive increases, the hype is usually followed by stronger price drops. As with Dogecoin, this was also the case with the Shiba Inu. Meme coins usually rise extremely and then fall extremely sharply again.
Can the Shiba Inu stay on top?
The question we must ask in a bear market: Can Shiba Inu hold its own among the most valuable cryptocurrencies, or will meme coin continue to implode in the future?
Shiba Inu price could stabilize over the next few months and the coin should stay in the top 20 coins by market cap. This could keep the Shiba Inu among the most important cryptocurrencies and thus remain relevant for the future. This would make a new bull run in the next bull market for the Shiba Inu price very likely. But how likely is this result?
We can look at the development of Dogecoin. After massive gains in 2017, it was also able to remain among the most relevant cryptocurrencies in 2018, when the bear market began. Thus, Dogecoin was in a very good position to return to strong gains in the next bull market.
The Shiba Inu could also go in this direction. Dogecoin was particularly questioned in the long-term development as it offered no clear benefit. However, the DOGE also became an asset that brought profits in the long term. So the Shiba Inu could go the same way.
Could Shiba Inu Price Fall Further?
The Shiba Inu price could fall further in the coming months. This is simply due to the fact that the bear market could continue for many more months. Based on the price movements of cryptocurrencies in the last bear markets, we can predict that prices could fall even further in the coming months. This would then also be the case for the Shiba Inu price.
The only question is whether the Shiba Inu can continue to stay at the forefront of cryptocurrencies and interest from investors. The Shiba Inu price could stabilize relatively over the next few months and the meme coin has a good chance of making massive gains again in the next bull market.
Is Shiba Inu a Good Buy?
The Shiba Inu coin could be a good investment at the current bear market price. Because at the moment the prices of the cryptocurrencies are so low that they could bring in massive returns in the long term. In the short term, an investment should not be worthwhile and may even result in losses.
However, in the next bull market, the value of cryptocurrencies should increase by multiples. Therefore, an investment for long-term investors should ultimately be worthwhile.
You can also purchase SHIB tokens on crypto exchanges such as Coinbase and Kraken .
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