As a researcher with extensive experience in the cryptocurrency market, I’ve closely followed the development and progression of Shiba Inu (SHIB) over the years. While some may dismiss SHIB as just another meme coin that could lose most of its value in the coming years, I strongly disagree with this notion based on my analysis of the project’s current position and future potential.
Shiba Inu has risen to prominence among meme coins over the years, standing out amongst numerous competitors in this specific market segment. However, despite being an early player in the game, Shiba Inu continues to face skepticism from some quarters who believe that its value could significantly decrease in the foreseeable future.
opposed to the pessimistic viewpoint, a crypto investor referred to as Crypto King believes in SHIB‘s prospect and value that skeptics overlook. In reaction to recent criticism against SHIB, Crypto King utilized social media platform X to debunk the allegations of its demise and emphasized that “established meme coins like $SHIB are predestined to succeed.”
Major Investor Rejects Claims That SHIB Will Lose Value
As an analyst, I’ve come across Crypto King’s latest response on social media platform X to a critic’s take on meme coins. The critic holds a bearish view, forecasting that the majority of these tokens could see significant value loss in the upcoming years, leaving only a handful among the top 50 cryptocurrencies. Shockingly, this pessimistic perspective includes Shiba Inu, currently the second-largest meme token by market capitalization and valued at approximately $13 billion.
In response, the Crypto King stated that those holding such views are still novices in understanding the market. Currently, Shiba Inu (SHIB) is available on numerous centralized cryptocurrency exchanges globally, providing ample exposure for retail traders. Consequently, the investor views SHIB as more established than its critics might imagine. He further drew an analogy, comparing SHIB’s established position among meme coins to that of gold in contrast to a newly discovered mineral with minimal value.
Shiba Inu To Keep Growing
The community surrounding Shiba Inu is richly vibrant, with members consistently striving to add tangible value and move beyond being labeled as a meme coin. Over the course of time, the development team has constructed meaningful use cases for this base. Two noteworthy examples include ShibaSwap and Shibarium, where SHIB plays an integral role by providing utility.
Shib is currently priced at $0.00002317, and it has experienced a 2.84% decline over the last 24 hours and a more substantial 6.19% loss in the past week. According to IntoTheBlock’s Global In/Out Of The Money Metric, Shib is situated between two significant levels: a resistance wall at 12.7 trillion SHIB and a support wall at 37.4 trillion SHIB. The cryptocurrency may head in different directions this week, but a crypto analyst points out that the $0.000023 price mark typically draws demand for Shib.
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2024-06-09 21:11