Shiba Inu, which is an Ethereum-based altcoin that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot, has been the most traded cryptocurrency the past month. It has proved to be a life changing memecoin that has generated huge returns for investors. However, it seems like the good Shiba Inu days are on a pause.
After a consequent series of all-time-highs, Shiba Inu cryptocurrency seems to be cooling down. Recently, it became the 9th most valuable cryptocurrency in the world, overtaking its arch-rival Dogecoin. Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu tout it as the “Dogecoin killer.” But guess what? Dogecoin has now reclaimed its top 10 spot.
SHIB Vs DOGE – Market Capitalization
SHIB fell over 40% from its peak in October on fears that the cryptocurrency’s supply was concentrated in the hands of few whales. The market capitalization of Shiba Inu (when it overtook Dogecoin) was $38 Billion while Doge’s market cap was $35 billion.
As of 15 november, 2021, Dogecoin has reclaimed the dominant position over SHIB by having a market cap of $34 Billion while Shiba Inu boasts a market value of $30 Billion. For SHIB, from the 9th spot, almost $8 billion of market capitalization was wiped off.
Recently, there were also reports that the famous theater chain AMC is planning to accept Shiba Inu as a form of payment. However, there is no certainty whether or not such a thing will happen.
Shiba Inu remains one of the most volatile and hottest crypto investments today. The community believes that the coin has enormous potential and ‘hodling’ the SHIB coin is the best resort. However, one must do their own research before taking any investment decision.
SHIBA INU Price Prediction
According to Motley Fool, the future of Shiba Inu is very grim and we can see a 93-99% fall in it’s prices in the coming months. But why?
According to historical data of coins that have given enormous returns, Shiba Inu is bound to have a major crash in its price. Following is some verified data from ‘The Motley Fool’
- Nano gained 461,575% in less than 10 months.
- NEO catapulted 163,711% in roughly 13 months.
- XRP skyrocketed 62,452% in what amounts to 10 months and a week.
- NEM surged 57,359% higher in nearly 13 months.
- Litecoin sprinted 24,613% higher in a 30-month stretch.
And here’s how those same cryptocurrencies fared following their peaks:
- Nano lost 99% of its value in a little over 26 months following its high.
- NEO shed 97% of its market cap in the subsequent 11.5 months.
- XRP declined by 96% in a shade over 26 months.
- NEM lost 98% of its value 13 months after its peak.
- Litecoin dropped by 93% roughly one year after its high.