The Shiba Inu has been one of the biggest sensations among cryptocurrencies in recent years. But with the onset of the bear market, he is experiencing the difficulties of new meme coins and highly hyped cryptocurrencies for the first time. But can the Shiba Inu price explode in the future as it has in the past?
In this article, we describe the journey of the Shiba Inu token in recent years and give a forecast of whether the coin can rise massively in price again in the future.
What is the Shiba Inu Coin?
The Shiba Inu Coin is a cryptocurrency that is still very young and was only created in 2020. It is a meme coin, a fun currency that wants to make fun of Bitcoin and the concept of cryptocurrencies. It has no unique functions and a special use case.
The Shiba Inu is the spiritual successor of the Dogecoin, the first meme coin, which has been one of the most successful cryptocurrencies on the market for several years. SHIBA calls himself the “Dogecoin killer”. Instead of a confused Shiba Inu dog (symbol of the dogecoin), the Shiba Inu has an aggressive Shiba Inu dog as a symbol.
How did the Shiba Inu become famous?
After the dogecoin’s success story of many years, many observers thought that this extraordinary story could not be repeated again. But the Shiba Inu was able to become extremely successful within a few months. The coin was created in mid-2020, so it was only a few months until the bull market picked up speed at the end of the year. However, the Shiba Inu hardly benefited from this for the time being.
However, the SHIBA benefited from the climate of the bull market, as it always brings an extremely large number of new investors into the market. These investors are ideally suited to amplify a hype around a meme coin such as the Dogecoin and the Shiba Inu. The Shiba Inu saw a first stronger increase in April 2021. Then the price exploded in May 2021 and saw a massive rally. We saw another rally and the rise to the all-time high at the end of October.
Now you have the opportunity to invest in the cheap SHIBA. To do this, just go to the Binance and Bitfinex exchanges!
How did the Shiba Inu Prize develop in 2022?
After the all-time high at the end of October 2021, the Shiba Inu had to accept some losses. Unfortunately, the bear market started in November 2021, which of course also strongly influenced the Shiba Inu price. The price fell by almost 75% from November to the end of January. We also saw further losses in the following months.
By mid-June, the Shiba Inu price collapsed more slowly, but still fell again. Ultimately, the SHIBA lost more than 80% of its value since its all-time high. During its bull run, the coin was temporarily in the top 10 most valuable cryptocurrencies by market capitalization. In mid-2022, the Shiba Inu dropped to 14th place, while the dogecoin remains in the top 10.
Why did the Shiba Inu price drop so much?
If we look at the other top cryptocurrencies, we can see that most coins have lost about 70-80% from their all-time high to the low in mid-June 2022. At Shiba Inu, the loss was significantly more than 80%. Thus, the Shiba Inu price lost more than the other cryptocurrencies in the top 20.
The heavy losses are normal for a meme coin. The coin saw several massive bullruns that dwarfed everything else. The profits of meme coins can be larger in percentage terms than those of “normal” cryptocurrencies. Because these bullruns are based on massive hype, which is partly caused by the spread of memes on social media. Furthermore, celebrities share their enthusiasm for the coins, which drives further investors into the coin. As with Dogecoin, we saw an extreme price increase in a short time.
After these massive increases, the hype is usually followed by stronger price declines. As with the Dogecoin, this was also the case with the Shiba Inu. Meme coins usually rise extremely and then fall extremely sharply again.
Can the Shiba Inu keep himself in the lead?
The question we need to ask ourselves in a bear market: Can Shiba Inu keep itself among the most valuable cryptocurrencies or will the meme coin continue to implode in the future?
The Shiba Inu price could stabilize in the next few months and the coin should stay in the top 20 coins by market capitalization. This could keep the Shiba Inu among the most important cryptocurrencies and thus remain relevant for the future. That would make a new bullrun in the next bull market for the Shiba Inu price very likely. But how likely is this outcome?
We can look at the development of the dogecoin. After massive gains in 2017, it was also able to keep itself among the most relevant cryptocurrencies in 2018, when the bear market started. Thus, the dogecoin was in a very good position to make strong profits again in the next bull market.
The Shiba Inu could also go in this direction. The dogecoin was particularly doubted in the long-term development, as it did not offer a clear benefit. However, the DOGE also became an asset, which brought profits in the long term. So the Shiba Inu could go the same way.
Could the Shiba Inu price continue to fall?
The Shiba Inu price could fall further in the next few months. This is simply due to the fact that the bear market could last for many more months. Based on the price trends of the cryptocurrencies in the last bear markets, we can predict that prices could fall even further in the next few months. This would then also be the case for the Shiba Inu price.
The only popular question is whether the Shiba Inu can continue to stay at the top of the cryptocurrencies and whether the interest of investors will continue to be popular. Thus, the Shiba Inu price could stabilize relatively in the next few months and the meme coin has a good chance to make massive profits again in the next bull market.
Is it worth investing in the Shiba Inu?
The Shiba Inu Coin could be a good investment at the current price in the bear market. Because at the moment, the prices of cryptocurrencies are so low that they could bring in massive returns in the long term. In the short term, an investment should not be worthwhile and may even bring losses.
However, in the next bull market, the value of cryptocurrencies should increase several times. Therefore, an investment for long-term investors should ultimately be worthwhile.
