The post Shiba Inu Price Hits Yearly Lows: SHIB Might Face Worst Case Scenario in Coming Week appeared first on Coinpedia Fintech News
The hype on Shiba Inu, the second largest meme coin by the online community and total market capitalization, has significantly declined in the past year, and so is the underlying value. According to our latest crypto price oracles, Shiba Inu’s price has dropped approximately 82 percent in the last year to trade between $0.00000850 and $0.00001201 in the last few days.
While the bear market has sustained around the entire market, the collapse of the FTX cryptocurrency exchange has magnified risk investments in the digital asset industry.
As such, meme coins, which generally record higher volatility in a shorter time frame, are a trend more negatively than utility crypto assets. Moreover, the cryptocurrency industry heavily depends on the speculative aspect, where meme coins largely thrive.
With increased selling pressure in the cryptocurrency industry, coupled with decreased trading volume, market strategists fear Shiba Inu price faces challenging times ahead.
The meme token has a considerable probability of dropping further in the coming days from the fact that more regulations are going to deter most altcoins from accessing big markets like the United States, Canada, Europe, the UK, South Africa, Australia, and India, among others.
Consequently, money flowing into the cryptocurrency market, more so into meme coins, is expected to nosedive in the coming weeks. The probability of Shiba Inu breaking out for a new rally in the next few months is extremely low.
Notably, the FTX saga has significantly shuttered most crypto investors’ mindset on thriving blockchain projects. Even worse, the crypto-skeptic lawmakers worldwide are much more likely to use this period to bring tougher regulations into the industry.
Shiba Inu Price from a Wide Scope
Shiba Inu’s price shocked the world after registering gains of approximately 15940785.7 percent in less than a year. The SHIB economy has ballooned to a $5,279,274,943 market capitalization industry with a trading volume of $323,863,415 in the past 24 hours.
The high number of SHIBs in circulating supply is expected to be a huge concern to most regulators and investors. Moreover, the United States White House, through the Biden administration, recently announced that it is after crypto projects with a predatory business structure.
As a speculative digital asset with real case utility, Shiba Inu has the potential to rebound and consolidate before scaling to a new ATH.