Cover image from Robinhood charts
Shiba Inu (SHIB) has been on a long-term downtrend and it appears that a bit more pain is coming. The promise of a new DeFi platform that doesn't have to deal with Ethereum fees is something that could majorly impact the price here. Shiba Inu got hit hard during crypto winter and it may be time to pick up a bag.
Image Credit Coinmarketcap
Shiba Inu has been on a downtrend since the peaked in price at $0.00005 in March of 2021 during Shiba Inu mania. Shiba Inu's price drivers were it's huge adoption following it's inclusion onto coinbase and Robinhood. The news got word of the massive price increase in Shiba Inu coins and everything from memes to news stories we're out in the public eye. Shiba Inu had a cult-like following, and the extremely low price of Shiba Inu coins made it something that everyone could purchase a large bag of.
When you look at the charts it's been an ugly decline for quite some time. We are in the crypto winter many cryptocurrencies are down double digits this year. Shiba Inu Inu is down 70% over the past year. Bitcoin and Ethereum are both down 68% over the last year. Pressure from rising interest rates, falling stock markets, geopolitical instability and recovery from covid have made this year harsh on investors. The cryptocurrency market is still experiencing a lot of volatility and it looks like prices are moving in an overall downward trajectory.
The Shibarium is long overdue, with word of its inclusion in the DeFi space, its creation and release first release first mentioned in June of 2021. The Shibarium is a way to burn tokens, create a token swap mechanism using a SHIB with it's own independent blockchain on its own blockchain. Essentially, it's a departure from the ethereum blockchain to become its own asset similar to Tron. This is the touted catalyst for the price of Shiba Inu coin and something that people are pointing to as a major departure of Shiba Inu from the Ethereum blockchain.
I recently bought some Shiba Inu coins as a speculative instrument. I invested into Shiba Inu before it hit Robinhood or Coinbase, when it was just on Uniswap and had hundreds of millions of coins. I'm interested to see the Shibarium when it becomes available I'd love to be able to do more defy with Shiba Inu and many people enjoy this coin myself included. Shiba Inu is definitely branded well like Dogecoin it has a fun character behind it and it's really something that is being developed further. Shiba Inu fans and investors are making this their own, and as the Shibarium looms closer excitement is growing.
Shiba Inu has had a cult following and the Shibarium would definitely jack the price of a bit it's a bit of by the rumor sell the news right now because we all know that it's going to have an impact on the price as coins get burned. Cryptocurrency ecosystems where you can make money, swap coins and avoid gas fees that are very high as for example-Ethereum are something that has demand time and again. Tron and Matic both saw extreme demand as ethereum fees skyrocketed in 2021. Shiba Inu is going to be another example.
Some believe that she being a will hit one cent. This would be a massive achievement as the supply is huge thus the market cap would be gargantuan. I think she beating you has a future and it's something that I'd like to be a part of thus I have invested in the asset. I would like to see the Shibarium actually launch, and I'd love to play around on the DeFi platform therein. Like Dogecoin it's cool to have a coin you can have many thousands of actual individual coins and it's a lot of fun to throw those coins around. Since Dogecoin is now over 5 cents, Shiba Inu your could definitely take over as a gambling coin and if the DeFi proves to be good, it could be a great place to save on gas fees that Ethereum gas fees.
What do you think are you excited for the developments in the Shiba Inu project? When is the Shibarium going to be launching?
