shiba inu (SHIB) was among the most followed crypto assets on the Binance exchange. Bitcoin and Ethereum were on the rest of the list.
Released in August 2020 meme coinmanaged to become popular in a short time. Initially introduced as the “Dogecoin Killer”, the Shiba Inu soon established its own ecosystem.
Of course, the most important reason for the popularity was the high earnings in 2021. Shiba Inu, which has become the popular coin for traders looking to make a profit, peaked in October 2021. Its peak price of $0.00008616 meant huge profits for many investors.
This rise in a short time raised the hopes of many investors and triggered more bullish sentiments. As a matter of fact, macroeconomic developments and negative events in 2022 turned things around. The Shiba Inu recorded huge losses in the opposite direction of the expected momentum in 2022. The fact that investors have reduced the risks they take has reduced the interest in meme coin.
Meme coin is currently recording 90.08% from its record high, which means many investors are making losses.
Despite the major fix, the Shiba Inu community remains excited. On the other hand, developers are also working to strengthen the ecosystem.
As we have reported as Koinfinans.com, the community is currently shibarium focused on the update. Although it is not known when the Layer-2 solution will arrive, the developers are pointing to the end of 2022.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.