Shiba Inu, dominated the cryptocurrency market with an extraordinary performance in October 2021. The SHIB price rose like a rocket, increasing by 1,000% in 30 days.
SHIBDuring this period, it reached its all-time high (ATH) of $0.00008616, providing investors with incredible returns. The dog-themed meme coin became an indispensable part of the cryptocurrency world after touching its ATH. It embellished its success by gaining thousands of new and first-time investors in a short time.
However, the whole question is whether the Shiba Inu price will show its performance in October 2021 again.
As Koinfinans.com reported, SHIB does not have the same atmosphere as two years ago. meme coin Currently, the macro is in the decline phase. SHIB has piggybacked on the Dogecoin hype by taking things forward in the meme coin space. Meme coins were extremely popular at the time, and not investing in them gave investors a classic “fear of missing out” (FOMO) feeling.
Therefore, FOMO played a major role in the excitement around Shiba Inu and Dogecoin. But the hype seems to have faded now. SHIB and DOGE are not registering the same buying pressure at the moment.
The Shiba Inu has made a number of significant advances, including ShibaSwap, the ShibaEternity game, Welly’s Restaurant, John Richmond fashion, and Shibarium. None of these developments helped SHIB increase its price sustainably.