Despite its reputation as a “ride or die” community, Shiba Inu has declined significantly from their 2021 peak. Without many use cases in the real-time world of its usefulness or strengths to back it up, many are left wondering if Shiba Inu is still alive.
The 2021 fantasy run of SHIBA INU's rise to become the top Altcoin is still like a dream run for any crypto coins. SHIBA made many believe in the brand value of the cryptocurrency market globally. But the unfortunate instances in the global market and the bearish market lowered the hopes of millions on SHIBA.
The SHIB price is $0.000011, up 15% in July and 4.7 % this week. That’s modest compared to its October 2021 bull run of 1236% (from $0.00000715 to $0.00008854), and Shiba Inu is still down 86% from its ATH. Dogecoin seems dead, with little Elon Musk tweets regarding DOGE or SHIB, and its market power has been dwindling.
To crack into the top 10 cryptos, SHIB would need to flip popular Defi projects like Avalanche, Polygon, Polkadot, and Solana. Right now Shiba's market valuation is still over $6.6 billion (ranked #16 on CoinMarketCap). Not to mention rival meme coin Dogecoin is at number #10 and stablecoin DAI, which is its closest competition in terms of market value. The numbers that relate to SHIBA clearly indicate that there are still hopes clinging on.
Will there be another Dream Run?
All-time peaks were reached in the cryptocurrency market in November of 2021. SHIBA had its dream run to the moon in October 2021 with a 1236% rise in value(from $0.00000715 to $0.00008854). Bitcoin and Ethereum, among others, reached record highs around that time, but they are trading at far lower levels as 2022 has begun.
Even if the cryptocurrency market is not in a bear market just yet, many investors are wondering how much lower these tokens may go until a turnaround comes. Many cryptocurrencies, including ETH and BTC, track the price of Ethereum and Bitcoin, so investors are watching closely to see what they do over the next few weeks.
Why SHBIA is not yet Dead?
SHIB’s price has fallen below $0.000010 and has hardly recovered. SHIB is down 70% since January 2022.
But it's not “Game Over” yet for SHIB, because of these facts.
ETH whales now prefer Shiba Inu. The ATH holds the ETH whales’ SHIB holdings. According to Whalestats, ETH whales average 463.5 billion SHIB tokens.
The second and most essential reason SHIB’s journey won’t end now is because of its increased holders in long-term period The majority holders of SHIB have still not lost there hope and the numbers of SHIB holders increased over the span of 1 Year despite the bear run.
A few months back, only 1% of SHIB investors held tokens for a year or longer. According to IntoBlock, 22% of SHIB holders have held the cryptocurrency for a year or more.
This shows that SHIB investors are keeping their holdings rather than selling.
Although it is true that SHIB’s revenue for the year is down over 70 percent, Polkadot and Solana have also seen significant drops. The value of Decentraland Mana, which was formerly among the highest in the Metaverse category but has since dropped by around 75 %, AVAX, another blockchain, has experienced a decline of 85%. Even more disappointing than SHIB’s performance are Matic and CRO coins.
The fact of the matter is that the majority of cryptocurrencies are trading at lower prices, which is also due to the macroeconomic climate.
To Wrap Up:
The future is uncertain and unpredictable, but one thing is certain: the Shiba Inu community is working hard to offer platforms that will raise the value of the coin. The debut of Metaverse land auctions and the enhancement of prominent payment agreements reflect their dedication to making SHIB prominent crypto. In addition, the global economy will begin to recover later this year or early next year, which is good news for Shiba Inu and other digital currencies.
