for Shiba InuThe last 50 days, the second largest meme coin on the market, has been pretty rough. alt has lost more than 60% price. In the last 24 hours, the asset has traded at $ 0.00002824 at midnight on December 20th, marking the lowest price since October 23rd.
However, as Bitcoin moved above $ 48,000, Shiba’s price rose, rising nearly 10% at the time of writing. In fact, prior to the sudden increase, ETH whales bought $ 50 million worth of SHIB to fuel SHIB in the story of the moon.
So will the bark grow?
Coin prices are down 61.42% from ATH in late October. However, certain developments underway in the Shiba Inu ecosystem have allowed the coins to remain relevant. RecentlyEric M, the developer of ShibaSwap, also provided updates on the progress of Shib’s layer 2 solution, Shibarium, and claimed that it would be released soon.
In addition, SHIBA tokens are frequently burned. To some extent, this mechanism may raise the price of assets in the future. The Shiba Inu burning mechanism burned a total of 410,299,323,623,191 SHIB tokens, or 41.02993% of the supply from the first trillion supply.
This is all a great effort to keep the SHIB relevant, but dog coins need more.
Does Shiba have pet lovers?
Over the past few weeks, high-risk, high-value asset classes like Memecoin have declined in price and popularity as markets have become more volatile. Dogecoin, Shiba Inu, Floki Inu, and other Dogekillers are suffering from increased market intent to mitigate portfolio risk.
Nonetheless, coins could bounce in price, with speculation that ETH whales will buy SHIB and Robin Hood will list the Shiba Inu by April 2022.
However, WhaleStats has shown that most whales that currently own a Shiba Inu bought it at a much higher price than they do today. Therefore, it causes significant loss to these whales. In addition, if you look at SHIB’s Global In and Out of Money, you’ll see that 54.72% of 569.52k addresses or addresses are in-the-money or profitable at a price level of $ 0.000032. In particular, 366.23k addresses or 35.19% faced a lack of funds or losses.
Source: IntoTheBlock
On the other hand, SHIB ownership statistics were concerned that few HOD Lers hold SHIB. In fact, SHIB reached 1 million holders by the end of November. While cruisers and traders dominate, this cohort is missing from the scene, so increasing HODlers could be the key to SHIB’s growth.
Source: IntoTheBlock
On the positive side, however, 67% are buying and 33% are selling due to the surge in prices of SHIB trading activity in Coinbase over the last 24 hours. Nonetheless, SHIB’s low active addresses and network growth are hampering coin relevance.
However, in the short term, retail-backed rallies can help SHIB prices rise, even if indicators on the chain show less active networks.
