When we last wrote about the Shiba Inu cryptocurrency, it was in conjunction with the record of a certain lucky person. After all, someone had turned $3,400 into – watch out – $1.55 billion. And how is the popular meme coin doing now? What has changed since last year?
Shiba Inu Coin / Photo: Own materials
The popular meme coin is ranked 15th in the ranking of cryptocurrencies in terms of total capitalization. There are $13.13 billion invested in Shiba Inu Coin, and the current price of this cryptocurrency is 0.000024. Is there a chance that investors and traders will still make money on Shiba, or has this train already left?
Currently, Shiba Inu Coin is far from its October 2021 record high, when the valuation was $0.000088. To be exact, it is 73% short of its current record.
Considering that Shiba has a daily volume of about $550 million and the total market circulation is as much as 549 trillion tokens, from a purely mathematical point of view, this cryptocurrency is unlikely to be very successful. But we know very well that the power of meme coins lies not in mathematics, but in social networks and good PR.
Shiba Inu Coin does not generate profits for now
Shiba Inu Coin is failing to generate profit recently. Those who bought this cryptocurrency 24 hours ago are down -4.50%, and if it was a week ago, the loss grows to -9.82%. If someone bought Shiba a month ago, he basically generated neither profit nor loss – the result is 0.11% on the upside. If someone made a purchase six months ago, they are at a loss of -12.82%. But note – one who bought a Shiba Inu exactly one year ago is in the positive. How much? As much as 40,768.25%.
Considering that Shiba Inu Coin is still a relatively new asset, as it had its inception in 2020, and the community remains active and loyal to this – for lack of a better word – brand, the chances for profit probably still exist. Especially since Shiba is listed on popular exchanges such as Binance, KuCoin, Coinbase, Crypto.com and Gate.io. So if another “Shiba fad” comes along, the volume will quickly increase and there will be more risk investors who will either lose fortunes or multiply them.
It’s worth mentioning that Shiba Inu has as many as 3 million followers on Twitter, and there’s constant news about more deployments, improvements, and other activities.