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When the chips are down, Shiba Inu does not have the utility to hang
Shiba Inu lacks the fundamentals required to thrive in today's challenging crypto market.
Shiba Inu was a notable performer in the cryptocurrency space last year. Despite struggling in recent months, Shiba Inu is up more than 47,000,000 percent. Though it struggled with consumer adoption in the beginning, it appears to be building utility for a more stable growth runway in the future. However, when SHIB recovers, its sporadic use-cases will have little impact.
In October of last year, Shiba Inu quickly became a popular meme token. If you had invested a smidgeon in Shiba Inu last year, you would now have a fortune on your hands. However, the coin, like the rest of the crypto market, has struggled to gain traction.
For the foreseeable future, speculation will drive the price of SHIB. Despite the efforts of its developers, its fluctuating price makes it difficult for businesses to adopt it. With such turbulent times in the crypto space, it is preferable to place your bets on assets with strong fundamentals.
Is There Enough Usefulness?
Shiba Inus were once considered a speculative fad. Recent developments indicate that its developers are becoming more serious about creating a stable crypto pathway. The Flexa payment network added Shiba Inu as a payment option for its merchants last month. The payment network is used by some of the world's largest corporations, which appears to be a significant step forwards for cryptocurrency.
Furthermore, the ShibaSwap exchange debuted in July. The exchange increases SHIB liquidity and allows users to earn recurring income by staking their tokens. It also compel investors to hold onto the cryptocurrency for a significantly longer period of time.
In addition, companies like Ask The Doctor and AMC Entertainment have jumped on the Shiba Inu bandwagon. However, due to its extreme volatility, cryptocurrency is unlikely to gain widespread acceptance as a payment method. Merchants want predictability, which is impossible to find with such an asset. Furthermore, Shiba Inu's founder Ryoshi recently discussed the creation of a metaverse, with SHIB serving as a major facilitator.
Despite the fact that Shiba-Inu has a few more use-cases than before, it's difficult to see how they could help stabilise the currency. With the price movement in the crypto sector, it's difficult to get excited about such an asset.
Keeping It Together in a Bear Market
Bitcoin's (BTC) bear run has crippled the cryptocurrency market, wiping out billions of dollars in recent weeks. In the last few months, the industry heavyweight has lost more than 30% of its value. With the market in turmoil, meme coins such as Shiba Inu are plummeting, raising concerns about their ability to withstand the bear market.
To be fair, even the most fundamentally sound cryptos have taken a beating in recent months. When the chips are down, you don't want to bet on cryptos like Shiba Inu. These speculative cryptocurrencies can lose a significant amount of value in a short period of time. Though Shiba Inu has gained a lot of utility recently, it is still insufficient to move the needle in a meaningful way. Furthermore, when the bear market pressures are factored in, a few use-cases here and there won't make much of a difference.
The Bottom Line on Shiba Inu
Shiba Inu had a fantastic 2021, with its value skyrocketing to unfathomable heights. However, many of these gains have been eroded in recent months as the cryptocurrency market has shifted into bearish territory. In such difficult times, it's difficult for investors to place bets on speculative coins like SHIB.
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By Crypto PiratesShiba Inu lacks the fundamentals required to thrive in today's challenging crypto market.
Shiba Inu was a notable performer in the cryptocurrency space last year. Despite struggling in recent months, Shiba Inu is up more than 47,000,000 percent. Though it struggled with consumer adoption in the beginning, it appears to be building utility for a more stable growth runway in the future. However, when SHIB recovers, its sporadic use-cases will have little impact.
In October of last year, Shiba Inu quickly became a popular meme token. If you had invested a smidgeon in Shiba Inu last year, you would now have a fortune on your hands. However, the coin, like the rest of the crypto market, has struggled to gain traction.
For the foreseeable future, speculation will drive the price of SHIB. Despite the efforts of its developers, its fluctuating price makes it difficult for businesses to adopt it. With such turbulent times in the crypto space, it is preferable to place your bets on assets with strong fundamentals.
Is There Enough Usefulness?
Shiba Inus were once considered a speculative fad. Recent developments indicate that its developers are becoming more serious about creating a stable crypto pathway. The Flexa payment network added Shiba Inu as a payment option for its merchants last month. The payment network is used by some of the world's largest corporations, which appears to be a significant step forwards for cryptocurrency.
Furthermore, the ShibaSwap exchange debuted in July. The exchange increases SHIB liquidity and allows users to earn recurring income by staking their tokens. It also compel investors to hold onto the cryptocurrency for a significantly longer period of time.
In addition, companies like Ask The Doctor and AMC Entertainment have jumped on the Shiba Inu bandwagon. However, due to its extreme volatility, cryptocurrency is unlikely to gain widespread acceptance as a payment method. Merchants want predictability, which is impossible to find with such an asset. Furthermore, Shiba Inu's founder Ryoshi recently discussed the creation of a metaverse, with SHIB serving as a major facilitator.
Despite the fact that Shiba-Inu has a few more use-cases than before, it's difficult to see how they could help stabilise the currency. With the price movement in the crypto sector, it's difficult to get excited about such an asset.
Keeping It Together in a Bear Market
Bitcoin's (BTC) bear run has crippled the cryptocurrency market, wiping out billions of dollars in recent weeks. In the last few months, the industry heavyweight has lost more than 30% of its value. With the market in turmoil, meme coins such as Shiba Inu are plummeting, raising concerns about their ability to withstand the bear market.
To be fair, even the most fundamentally sound cryptos have taken a beating in recent months. When the chips are down, you don't want to bet on cryptos like Shiba Inu. These speculative cryptocurrencies can lose a significant amount of value in a short period of time. Though Shiba Inu has gained a lot of utility recently, it is still insufficient to move the needle in a meaningful way. Furthermore, when the bear market pressures are factored in, a few use-cases here and there won't make much of a difference.
The Bottom Line on Shiba Inu
Shiba Inu had a fantastic 2021, with its value skyrocketing to unfathomable heights. However, many of these gains have been eroded in recent months as the cryptocurrency market has shifted into bearish territory. In such difficult times, it's difficult for investors to place bets on speculative coins like SHIB.
Support us!