Shiba Inu price remains stagnant, without clear direction
Shiba Inu gained a bullish impulse in February. Since the impulse, Shiba Inu gained reasonable control, holding its prices above the breakout origin point.
In the past day, the Shiba Inu crypto dropped 3% with a market cap of over $14.1 billion.
Shiba Inu became one of the dominant meme coins in 2021. However, its value is on a downtrend since the last days of October.
Shiba Inu became the first crypto firm in India, after reaching a valuation of over $1 billion.
In October 2021, the meme coin hit an all-time high. Shiba Inu was sold for $0.00008845. The coin gained value after Elon Musk tweeted about the meme cryptocurrency.
Since February, Shiba Inu’s price experienced a significant profit value. Over the past month, Shiba Inu began to rebound, gaining 25% in their value.
“It is difficult to predict the price of something that has an intrinsic value of zero,” said Myron Jobson, personal finance campaigner of Interactive Investor.
“All it takes is a tweet from high-profile individuals who have a significant influence on sentiment to cryptos to drive up demand. But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu.”
Simon Peters, a crypto-asset analyst at eToro said, “As to whether its value will increase – it is possible. As more exchanges begin to list the token and provide investors the opportunity to gain exposure, like any asset it will become more routinely traded alongside the likes of Bitcoin and Ethereum.”
“That being said, anyone investing in such tokens needs to do so carefully.”
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