Shiba Inu Token’s Fortunes Take a Turn for the Worse
So, you signed up for the wild ride that is investing in meme coins. You heard tales of astronomical gains and thought, “Why not?” Well, if that’s you, then you’ll know all too well the pains of the current Shiba Inu (SHIB) plunge.
Once touting a market cap far too large to print here, the dogecoin offshoot is now drowning in a sea of red. Not only did SHIB lose almost 50% of its value over the month, with it, the social score has also been stagnant.
So What Exactly is SHIB Token?
Known now simply as “SHIB token,” it originally launched as a fork of the Dogecoin project back in August 2020. It’s also associated with a decentralized autonomous organization (DAO) that can be used for fundraising and investment activities.
Enter the Downward Spiral
The token was a hit at first. Social media users were drawn to the token’s meme-worthy mascot, which began to take off in popularity. Bulls were charging and exchanges were listing SHIB, which had begun to reach new highs in the markets.
But shortly after SHIB reached a record of $0.0000911 per token, it then began to plummet. All too soon, its glorious meme-fueled rise had become a meme-fueled crash as the token has been drifting closer and closer to its all-time low of $0.0000532
Can SHIB Recover?
So, can SHIB recover? Well, it’s impossible to say with certainty. But like any asset, if it can gain back bullish momentum then there’s potential for SHIB to return to its glory days.
When it comes to investing in SHIB, here’s some food for thought:
- The token has had somewhat of an impressive run
- It also has backing from well-known venture capitalists
- SHIB’s market cap is incredibly small compared to other tokens
- The token seems to be struggling to garner public interest
At the end of the day, only you can decide whether or not SHIB is a token worth investing in. That being said, always operate with caution and don’t put in more than you’re willing to lose.
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