Shiba Inu $shib , the second-largest meme coin by market value, has regained calm after significant market news. However, the coin's behavior has raised questions amidst the broader market trends and has experienced a departure from its previous positive divergence. This shift can be attributed in part to the recent significant drop in the price of Bitcoin (BTC). So, what do these developments indicate for Shiba Coin's future and will it ever reach a value of $1?
Shiba Coin's Ongoing Evolution
Shiba Coin has garnered admiration from the crypto community for its efforts to establish its ecosystem. The Shiba Coin team has been launching a DeFi platform, metaverse products, and, most recently, a layer2 solution. A milestone achievement was the launch of Shibarium, which represented a significant turning point for the coin. In a short time, the network saw over 1 million wallets created.
The transition of Shibarium to the main net has fueled excitement, primarily due to its built-in support for the burning of Shiba Coin. During the testnet period, calculations based on network activity suggested that burning worth $40 million could be realized.
Can Shiba Inu reach a value of $1?
Reaching a $1 price point for Shiba Inu (SHIB) is an ambitious goal. As of now, Shiba Inu is trading at a much lower value, in the range of fractions of a cent. Achieving a $1 valuation would necessitate an extraordinary increase in market capitalization, as it would need to surpass the combined value of numerous major cryptocurrencies. While it's challenging, the cryptocurrency market is known for its volatility and unpredictability, and we've witnessed surprising price surges in the past. Shiba Inu's success would depend on a multitude of factors, including increased adoption, significant utility developments, and a sustained bullish sentiment. However, it's essential for investors to exercise caution and conduct thorough research when considering investments in cryptocurrencies, as they are inherently speculative and can be subject to rapid price fluctuations.
Fading Enthusiasm
However, there's a challenge on the horizon. Current data indicates a decline in active users, which had reached 7,729 on August 26 but has now dropped to below 1,000. The graph depicting "new users" reached new peaks on August 24, 26, and 28 but is now downward. Only 58 new users joined the network recently, signaling the fading excitement around Shibarium. This trend also aligns with the decrease in the price of Shiba Coin. If this on-chain negativity persists, Shibarium could see a significant decline in value, possibly down to the $0.000006 range and below.
Shiba Coin Price in TL/Dollar
Shiba Coin is trading at $0.00000735 as of the time of writing. Should the price stay below $0.000008, a retracement to the next support level could be on the horizon. For those interested in Shiba Coin's value in local currencies like the Turkish Lira (TL), websites like coinrocco.com provide access to exchange rates. The Shiba Coin TRY pair is trading at 0.0002001 TL. Over the past month, the popular altcoin has lost approximately 27% of its value against the TL. This drop is understandable when considering the decrease in BTC price and the rapid interest rate increase by the CB of the Republic of Turkey (CBRT).
The future of Shiba Coin remains uncertain, and its price will likely continue to be influenced by various factors, including market sentiment, adoption of its ecosystem, and broader economic conditions.
Disclaimer:
This article is for information purposes only & should not be considered investment advice. Cryptocurrencies are highly volatile, and investors should research and assess the risks before investing.
