Shiba Inu became the most popular cryptocurrency on the market. It had a distinctive name. Dogecoin was briefly overtaken by Shiba in terms of popularity as investors began to flock towards it. During 2021, SHIB delivered explosive returns of 85,000,000% (85 million percent). Between 2020 and 2021, the surge was experienced. Watcher Guru reported on many stories about investors becoming millionaires.
Shiba Inu is a perfect example of the old saying “what goes up must also come down”. In 2023 the dog-themed token began a spiral downwards, and never recovered its former glory. Trading went from having four zeroes up to five years. This increased losses for traders. A majority of holders are underwater while others are barely breaking even. Can SHIB survive all this?
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Can Shiba Inu Make a Meaningful Rebound?
Shiba Inu has lost its luster, buzz and hype. SHIB, after a period of consolidation and a move northward, has now moved south and tested the patience of investors. SHIB’s 2021 rally, which was a mind-blowing success story is now a distant memory. But the joy is gone due to this bearish trend.
Shiba’s problems are compounded by the fact that there is an overcrowded market for meme coins. The market has been dominated by tokens like Bonk, Pepe and others. Dogecoins and SHIBs no longer get the attention that they should. Some meme currencies have been generating returns.
Shiba Inu’s return is not dependent on hype or buzz, but instead on the poor performance of their ecosystem. Shibarium was supposed to burn 1 billion SHIB Tokens. Metaverse SHIB has become a concept from yesterday.
Other projects by Shiba Inu have been rejected by the community. It also seems like the team is avoiding any mention of tokens. Its growth is being stunted by the most significant part, namely, 589 trillions of tokens in circulation. Unless circulation of SHIB is reduced, demand will remain flat.
Shiba inu’s 2021 comeback looks unattainable. Dog-themed tokens will go through ups and lows but there is no chance of a similar rally to the last time. This is a token with high risk and high reward that could be either a success or failure. SHIB is only for those with the financial means to take a loss.
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Source: watcher.guru
