Over the past two weeks, the price of the "meme" token has decreased by 30%, despite the positive news about the record growth of altcoin holders and its possible listing on the Kraken exchange. What to expect from the coin in the coming months
In October, the "meme" token Shiba Inu has risen in price by more than 1000%. Altcoin became the most talked about cryptocurrency on Twitter last month. In November, the token went down. Over the past two weeks, Shiba Inu has fallen in price by 30%, despite positive news about a record increase in altcoin holders and a possible listing of the coin on the Kraken crypto exchange. Topplabs.org experts explained what to expect from the "meme" token in the near future and whether it can continue to grow.
The collapse cannot be avoided
We can say with confidence that Shiba Inu will not be able to avoid a major collapse, says Mikhail Karkhalev, financial analyst at Currency.com crypto exchange. This will happen, despite the fact that large investors are investing in the asset, the analyst is sure.
“This is the risk of such coins – after playing enough and earning, investors will leave it. Sooner too late, and Elon Musk will either receive a warning from the regulators, or he himself will stop posting anything about the coin, "said Karkhalev.
The analyst also admitted that in the future Shiba Inu may become an attractive asset for investors, but this will only happen if the project can become useful for the industry.
Meteoric ups and downs
Shiba Inu is one of the "meme" tokens, so one can expect rapid ups and downs from it, as well as fluctuations with a huge amplitude, said Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. According to his forecast, in the near future the Shiba Inu rate is able to strongly correct, but then it will show growth again.
“Most likely, the coin will strongly correct, but then rise again, then roll back again, and this roller coaster will continue to delight traders who like to take risks. There are no prerequisites for the disappearance or complete depreciation of Shiba Inu, ”Soshnikov added.
Recently, the cryptocurrency community has been trying to distinguish Shiba Inu from other "meme" cryptocurrencies, says Anton Kravchenko, CEO of Xena Financial Systems. According to him, the presence of some kind of ecosystem and a decentralized exchange supposedly makes a full-fledged investment asset out of the token, but in reality it is the same "meme" token, the price of which was artificially dispersed. The rapid growth of Shiba Inu brought great profits to the creators of the cryptocurrency and allowed the "hype" around the coin to continue, Kravchenko is sure.
“Shiba Inu has not yet managed to gain a significant reputation and become a blockchain project, whose cost does not come from the hype,” Soshnikov added.