Shiba Inu (SHIB) Undergone A Sharp 8% Price Drop
Inching closer to the critical level of $0.000009, Shiba Inu (SHIB) has recently undergone a sharp 8% price drop. The once-popular meme coin may hit a new local low after this decline. The price drop may be attributed to various factors, including the rise of riskier meme assets like PEPE, the maturation of Shiba Inu as an asset, and the disregard for fundamentally sound assets like SHIB.
Shiba Inu has lost attention due to the increasing focus on more speculative meme assets such as PEPE. Investors looking for quick gains often become interested in new, riskier assets as they enter the market. More established meme coins like SHIB have been left in the dust due to the significant inflow of capital into these assets.
By distancing itself from its meme origins, Shiba Inu has been working towards maturing as a digital asset. SHIB's aspirations to become a more serious contender in the crypto market have been demonstrated by the launch of ShibaSwap, a decentralized cryptocurrency exchange, and the development of Shibarium, a Layer-2 blockchain solution. However, Some investors who were initially attracted to the meme coin for its playful and speculative nature may have been alienated by this shift.
The general lack of attention given to fundamentally sound assets could be another factor contributing to the recent price decline of Shiba Inu. Many investors have been ignoring the long-term potential of projects like SHIB, which are focused on building a strong foundation for future growth, due to the saturation of meme assets and high-risk investments in the cryptocurrency market.
The dip, despite the recent price drop, may potentially spark a new rally for Shiba Inu. Investors may view the meme coin's critical support level as a chance to purchase the dip and profit from any potential recovery.