Sun 13 Oct 2024 ▪
3
min read ▪ by
The Shiba Inu (SHIB), once considered one of the leaders of memecoins, is facing an uncertain future as new cryptos emerge in the market. Since its launch in 2020, SHIB experienced a meteoric rise, reaching an all-time high of $0.00008616 in October 2021. However, the current situation is quite different.
Shiba Inu: an uncertain future in the face of emerging new cryptos
In 2024, the price of SHIB is around $0.0000172, with a market capitalization of $10.13 billion. Despite this impressive valuation, the transaction volume has significantly dropped, falling below 1 trillion SHIB. This decline in trading activity reflects a growing disinterest among investors, who are now turning to more established cryptos like Bitcoin and Ethereum.
One reason for this disaffection is the emergence of new crypto memes capturing investors’ attention. In 2021, Shiba Inu and Dogecoin were considered unique in their field. However, with the increase in the number of competitors on platforms like Binance, investors now have more options. This diversification of the memecoin market has diluted interest in SHIB.
Is there hope for the famous memecoin?
Despite these challenges, the Shiba Inu community continues to work on innovative projects to revitalize interest in SHIB. The launch of Shibaswap, a decentralized exchange platform, and Shibarium, a dedicated level 2 chain, are examples of these efforts. Additionally, SHIB introduced two new tokens, LEASH and BONE, to offer incentives and governance mechanisms to its crypto users.
However, will these initiatives be enough to reverse the trend? Experts remain skeptical. Himanshu Maradiya points out that the highly speculative and volatile nature of the crypto market makes any precise prediction difficult. According to him, a realistic forecast for the price of SHIB in 2024-2025 is between $0.0001 and $0.0003, provided, of course, that market conditions are favorable.
Finally, although Shiba Inu faces significant challenges, it remains a formidable force in the world of memecoins. Only time will tell if the efforts of the crypto community and technological innovations will allow SHIB to regain its past glory.
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Le monde évolue et l’adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m’intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l’optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.