Shiba Inu Adds a Zero to Its Value! Time to Say Goodbye to US$1?

Shiba Inu might fail to keep its profit rallies amid present volatile market conditions

Over the past few years, the cryptocurrency market has successfully overshadowed the dominance of the crypto market. The adoption of major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Solana, to name a few, have driven the entire market to new highs. Among these major cryptocurrencies is Shiba Inu. Shiba Inu has experienced quite little adoption and recognition as compared to other altcoins. It is mainly because the crypto has been unable to present proof that it is also a worthy long-term investment. Analysts claim meme coins like Dogecoin and Shiba Inu are only suitable for short-term investments, mainly due to their volatility and also because these cryptocurrencies have only emerged from a meme and do not specifically serve a purpose. As the crypto market was recovering from its prolonged bearish mode, the Shiba Inu price was also expected to rise, but unfortunately, SHIB successfully added another zero to its price, making its journey to reach US$1 even longer than all speculations and anticipations that its investors had held. Now that the crypto market has disintegrated again as Bitcoin dived below US$25,000, Shiba Inu investors are currently not expecting a price hike anytime soon.

Currently, Shiba Inu is under intense pressure as the SHIB token is accumulating its pile of losses quite rapidly. To make matters worse, Bitcoin has dived again yesterday, making investors quite skeptical about further investing in digital assets. The upcoming weeks will be extensively crucial for SHIB because experts predict that the crypto might market movements will further define its value. It will either plummet over 20% or move up by more than 25% in the upcoming weeks. But according to the present circumstances, it is only evident that SHIB is losing its ground along with the rest of the crypto bulls. According to coinmarketcap, Shiba Inu is currently trending at around US$0.00000828, at the time of writing this article. Any upsurge in its price condition will only define the fate of the crypto amid these tumultuous times.

Why is Shiba Inu crashing?

Shiba Inu generated a lifetime of gains for its investors in 2021. The crypto was part of some of the digital assets that produced historic gains last year, but SHIB crashed along with several other major cryptocurrencies in the market. Back in 2021, SHIB yielded an extraordinary amount of 121,000,000% of returns, having eliminated around 6 zeros since its inception. The crypto ended the year by gaining around 46,000,000% profits, which is the highest single-year gain for a volatile digital asset that the crypto industry ever recorded. Besides this, at that moment, when major digital assets like Bitcoin and Ethereum demonstrated quite a poor market price performance at the beginning of the year 2022, Shiba Inu became a refuge for Ethereum whales which in turn enhanced SHIB's market value.

But sadly, Shiba Inu is not experiencing any favourable outcomes at the moment, given the cryptocurrency market dynamics are also at an unfavourable stage for SHIB. Certain experts predict that the crypto's crash will continue through 2022 and it will lose most of its value by the end of the year. Besides, the widespread selling of digital tokens has led SHIB to disintegrate to the 17th position in the market based on market capitalization. The decline is quite massive since it is one of the top meme coins that have the potential to overtake the Musk favourite Dogecoin from its original position.

Bottom Line

Shiba Inu's creator Ryoshi recently resigned from the group and bid farewell to the crypto community. This incidence has spread massive shock and fear among the crypto investor community. It is one of the primary reasons why Shiba Inu hit a pause in its recovery journey. Even though, SHIB developers have claimed that the development initiatives will continue as they are but current circumstances are favouring investors' interests or trust. It is quite hard to predict how the crypto will recover, and eliminate all its zeros to reach US$1, but it is quite evident that Shiba Inu will cease to exist if it fails to retain its development initiatives.