Shiba Inu (SHIB)’s price just dropped sharply by 8%, edging closer to the crucial $0.000009 threshold. This decrease could be the last correction before the formerly well-liked meme coin reaches a new local low. Shiba Inu’s maturation as an asset, the ascent of riskier meme assets like PEPE, and the lack of attention given to fundamentally solid assets like SHIB are some of the causes that may be causing this price decline.
Shiba Inu has been overshadowed by the current appreciation of more speculative meme assets like PEPE. Newer, riskier products frequently pique the interest of investors hoping for rapid profits when they enter the market. This has caused a substantial financial inflow into these assets, overtaking more established meme currencies like SHIB.
Shiba Inu has been trying to distance itself from its meme roots in order to develop as a digital asset. With the introduction of ShibaSwap, a decentralised cryptocurrency exchange, and the creation of Shibarium, a Layer-2 blockchain solution, SHIB has made clear that it wants to compete more forcefully in the cryptocurrency industry. This change, though, could have turned off some investors who were attracted to the meme coin in the first place because of its lighthearted and speculative character.
The broad disregard for fundamentally good assets may also be a factor in the recent drop in the price of Shiba Inus. Many investors have been ignoring the long-term potential of initiatives like SHIB that are aiming to provide a strong platform for future development since the cryptocurrency market is now flooded with meme assets and high-risk investments.
Despite the recent price decline, Shiba Inu may experience a fresh rise as a result of the slump. Investors may view the meme currency reaching a crucial support level as a chance to purchase the dip and profit from any eventual comeback.
