Shiba Inu (SHIB), the popular cryptocurrency inspired by memes, may see a 17% price decline as market fear, uncertainty, and doubt (FUD) continue to climb. Recent estimates indicate that SHIB’s intraday trading volume has hit $101.4 million, representing a 41% drop. The latest report from the cryptocurrency industry says that SHIB is currently down 0.86% intraday at $0.00001038 on the market.
Several factors, including the general bearish trend in the cryptocurrency market and the rising worries about the environmental effects of cryptocurrency mining, can be blamed for the recent decline in SHIB’s value. On the other hand, Spectators believe that there have been speculations of a potential sell-off by SHIB’s major shareholder, which has prompted some investors to panic and liquidate their holdings.
Despite the unfavorable perception of SHIB, the story has a twist. For investors who believe in the long-term potential of cryptocurrency, some analysts think that this price decline may offer a purchasing opportunity. In fact, according to some experts, SHIB may recover and hit new highs in the future.
This optimism is partly due to the widespread support for SHIB in the community. The well-known Dogecoin (DOGE), which served as inspiration for the cryptocurrency, has a sizable following on social media sites like Twitter and Reddit. Additionally, SHIB is now accessible to investors thanks to its listing on well-known cryptocurrency exchanges like Binance and Coinbase.
Trading Performance From Different Data Analysis
From the information gathered, the day trading volume of the SHIB coin recorded a 41% loss, representing $101.4 million in cash. It also showed that the price of SHIB could decline by 17% due to the present market FUD which is believed to influence it strongly. It is also believed that the SHIB’s bearish trend may persist beyond 17%, to tumble further by 18%.
The prospect of greater SHIB adoption in the future is another cause for hope. The coin has already been used to make gifts to charities, and there are plans to start a decentralized exchange (DEX) where SHIB and other cryptocurrencies with meme-inspired names can be traded.
Despite these encouraging developments, buyers are advised to proceed cautiously while purchasing SHIB or cryptocurrency. Before making any investment decisions, investors should always conduct their research and only invest money they can afford to lose. Investigations into the development also showed that the coin had rebounded twice before it’s infamous downward trend.
For investors who believe in the long-term potential of cryptocurrency, some analysts contend that this price decline may represent a purchasing opportunity. SHIB has the potential to recover and hit new highs with a solid community and plans for increased adoption. But before purchasing, investors should exercise caution and always conduct their due diligence.
