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Shiba Inu – Memecoin’s Lost Shinobi, Will Price Recover this Cycle?
Since its all-time high in 2021, the price of Shiba Inu (SHIB) has plummeted by over 90%, leaving investors and traders wondering if the memecoin will ever recover. As a result of the intense hype surrounding this dog-themed cryptocurrency, SHIB’s community-driven ecosystem faces significant challenges as it struggles to regain its momentum.
Inspired by Dogecoin, Shiba Inu’s price surged an astonishing 85,784,180% from January to October, reaching a peak value and challenging other crypto assets as one of the top-10 memecoins. This growth led to listings on major exchanges like Binance, Bybit, and Coinbase, fueling social media hype and volume across platforms such as X, YouTube, Reddit, Instagram, and others.
In an attempt to expand its ecosystem, SHIB’s team launched ShibaSwap, enabling users to engage in decentralized finance processes, including swapping, staking, and lending. This development led to the introduction of new tokens, LEASH and BONE, aiming to broaden its reach.
However, despite a growing ecosystem, the price has continued to decline, shedding over 90% of its value since 2021. The recent downturn in SHIB’s price can be attributed to a shift towards newer memecoins like PEPE, which attracts traders and investors seeking higher returns.
The question on everyone’s mind is whether Shiba Inu will recover its all-time highs. In an interesting observation, crypto expert CJ believes that breaking the local resistance of $0.000018 could pave the way for bullish sentiment to resume. If this occurs, SHIBArmy might aim for price points near $0.00004.
Conversely, a failure to break through these resistances would likely result in extended bearish action, prompting traders and investors to play it safe, given the cryptocurrency’s low bullish price action.
The future of Shiba Inu (SHIB) remains uncertain as the market landscape continues to change rapidly.
Source: usethebitcoin.com
