shiba inu It was once the hot topic of the crypto community and has once become a bigger phenomenon than its predecessor, Dogecoin. Meme coin entered the top ten posting some big gains. Then came the crypto fall and began to slide down the charts rapidly. from an all-time high falling 76 percent crypto is rapidly losing its appeal and investors seem to be quickly forgetting about the meme coin. Here are the details.
At press time SHIB It is trading at $0.00002066. With a market cap of $11.3 billion, the Shiba Inu is ahead of its predecessor with a market cap of $18.2 billion dogecoinIt is the 15th largest cryptocurrency, five places behind.
Shiba Inu was last year’s star player in the crypto market. to the year 0.000000000133 It started with dollars. SHIB caught the attention of investors in 2021 as a cheaper and less serious alternative to Dogecoin. meme coinyear with a strong rise 0.000033 closed in dollars. This represents an incredible gain of over 26,000,000 percent. The situation has since worsened, however, and analysts warn that the situation could worsen for the Shiba Inu.
Is the Shiba Inu meme coin reign over?
Google Trends, shiba inu It shows a significant drop in searches for The Shiba Inu’s rise has been much faster than most cryptocurrencies, and its decline has been similarly rapid. Google Trends, Shiba Inu searches of 75 percent It shows that it’s falling over.
As an example, the meme coin was once the most popular among searches in the US. Last year The Advisor Coach A study by Dogecoin revealed that after Dogecoin and Bitcoin, SHIB is the third most popular crypto in the US.
SHIB, all-time high price at the end of October 0.0000877 reached dollars. It has since dropped 76.4 percent. SHIB holders claim that the coin will hit $1 soon, but that seems like an unfinished dream for now. The circulating supply of the project is 549,063,278,876.302 SHIB. If it reaches $1 per token, its market cap would be $549 trillion. That would make it the world’s largest asset, almost 200 times larger than Apple.
Moreover, the Shiba Inu has a very important centralization problem. Founder of India Blockchain Alliance Raj Kapoor summed it up like this:
“About two-thirds of the total available supply of SHIB tokens is held by 10 wallets. Even the audit report posted on Shiba’s website shows that more than half of its current supply is held in four wallets.”
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.