Are you one of the holder of the recent meme coin called Shiba Inu and with the recent price of the coin, Are you planning to get rid of it or are you planning to buy some and make some dollars. Stick with me to find out what you should be doing right now.
For those who are unaware of this coin let me explain you real quick,
What is Shiba Inu or $SHIB coin?
Shiba Inu aka $SHIB is the Self-Proclaimed Dogecoin Killer and I'm not kidding check their Official Website. It is an Ethereum based meme coin. Many will think that it launched recently with hype of Dog meme coins going on but Shiba have been there all the way back from August 2020. They have their own freaking swap as well called ShibaSwap. Well it claims that it's a Dogecoin killer but for many these two coin may look like the picture below.
But the reality is something else, In the Past 1 month Shiba Inu have actually increase +8,041.11% with all time being being 1.124%+ Million compared to Doge Coin's past 1 month increase being +294.29% with all time increase being +94,021.38%. Doing Simple math will tell how much returns you would've got on your initial investment in the particular coin. The data above was provided by Coinbase.
When you look at both of the pictures above you will see 1 huge spikes well it is due to the recent hype in the popularities of both the coins resulting in heavy buys thus the price increasing. Now let's Move on to the next section.
Why Did SHIBA Coin Fell so Hard?
Now we are going to discuss why the $SHIB Coin fell so hard and is constantly Falling down. I am going to list the major reasons below.
1. Elon's Tweet
The Market Crash on May 13 Due to Elon Musk's Tweet on the excessive use of fossil fuels for Bitcoin Mining and Transactions and Tesla will stop accepting Bitcoin as payment was a major reason behind the fall of Shiba Coin, not only Shiba was affected but almost all of the market crashed which as of writing this post now the market is still struggling to recover. Yes you've heard it right a tweet crashed the CryptoCurrency Market. Well if Elon's tweet can increase a meme coins price so much then why not bring the market down as well.
2. Vitalik Buterin
World's 2nd Lagest Crypto Coin Ethereum's Co-Founder Vitalik Buterin on just the next day of Elon's Tweet removed liquidity of SHIBA coin on Uniswap. It was a major hit to the $SHIBA coin as Uniswap is a really popular coin swapping website for ERC-20 based tokens/Coins. This essentially meant 50 per cent of all SHIB in circulation was given to Buterin. He also donated 500 Eth and $1 Billion worth of Shiba Inu coins to India's Covid Relief Fund. According to sources the rest of SHIB coins he still holds in his personal wallet.
3. Panic Selling
With all of the Elon and Vitalik Chaos going on above the holders of the coins feels insecure resulting in panic selling. Whenever a coin's price go really down you will see many people encouraging you not to sell, I just checked Shiba Coin's Twitter and Reddit and there's already people holding thousands of dollars of tokens and encouraging others not to sell. Well the small traders and the early adopters especially after seeing the dip in the price will likely sell and get their profit thus price going more down.
What You should be Doing?
Well as always you may have heard this many times people telling you but i'm gonna remind you again, This is not a Financial advice and Do your own research before taking action. As of writing this Shiba Coin's Price is $0.00001590 with All Time High being $0.00003791 just 6 days ago. The market Cap according to Coingecko is $8 Billion with the #25 Rank. To keep these types of coin alive they should keep up the hype if the hype dies it's better to get out these coins to save your money. Well Shiba Inu is already way past that point with a really big community and constantly growing, it is already listed on most popular exchanges like Binance, Huobi, KuCoin, Gate, etc. So if you are an initial investor and is planning to hold long term and then you can go with it. What I personally would've done is sold 50% of my coin and hold the rest. You can do that as well and obviously don't sell in loss, this is not suggested at all. In my opinion Shiba Coin is set to grow even with the major hits mentioned above it got it is slowly recovering from them. There are already many coins inspiring from SHIB and one of them is called KISHU Inu which already is in the talks recently and have already been +14k % From it's All time low.
Thank You for reading till here, I really appreciate it and as always You should do your own research before making a decision.
