Shiba Inu Loses Value After Elon Musk Dogecoin Craze
The Shiba Inu crypto coin is slowly losing value after a brief rally on October 25, 2020. The price increases were likely due to the coin's association with Tesla CEO Elon Musk and the Dogecoin craze.
It is clear that the Shiba Inu is no longer the driving force behind the crypto market's price movements. This is likely due to the recent sell-off of the currency by large holders and investors. However, it is still possible that the Shiba Inu could make a comeback in the future if the crypto market conditions are right.
The Shiba Inu crypto is currently trading at $0.00001217, down 2.3% from the previous 24 hours. According to Coingecko, this DOGE spin-off is a volatile currency that has seen a lot of ups and downs in its short lifespan. Even so, the currency remains popular among investors and has a strong following on social media.
It is still enjoying a 12.7% increase for the past seven days and a 23.4% surge over the last two weeks but those numbers used to be higher during the last few days. However, the numbers are still impressive and show that the company is doing well.
The digital currency known as Shiba Inu has seen a surge in value in recent weeks, with its market capitalization increasing by billions of dollars. Currently ranked 15th among all cryptocurrencies, Shiba Inu is now worth over $7 billion, making it one of the most valuable digital assets in the world.
Shiba Inu investors losing hope for immediate surge
As we near the end of November, many investors and members of the CoinMarketCap crypto community are predicting that the meme-based altcoin known as Dogcoin will see a bearish trend. This means that the value of Dogcoin is expected to decrease in the coming weeks.
The Shiba Inu token is likely to end the month with a trading price of $0.00001093, which is almost 10% lower than the $0.00001209 price at the time when the voting was conducted. This is according to the findings of the Price Estimate tool, which aggregated the results of a poll that included 5,133 voters.
Looking ahead to the end of the year, the DeFi asset price is expected to decline slightly to 8.46%. However, this is still a good time to invest in the asset, as it is expected to change hands at $0.00001107.
It is clear that SHIB price was not able to sustain its momentum in the beginning of this year. The altcoin was caught in a bearish market that caused its price to drop by more than 63%. This is a clear indication that the SHIB altcoin is not a good investment at this time.
It's been a tough year for Dogecoin, but things are finally looking up. Thanks to the recent crypto market rally and Elon Musk's $44 billion purchase of Twitter, the Shiba Inu-themed coin has finally managed to break out of its slump. With the market cap now back above $1 trillion, things are definitely looking up for Dogecoin and its investors.
Dogecoin prices are on the move.
Shiba Inu has been following the directional trend of Dogecoin over the last few months, which has led some members of the crypto community to give bearish predictions about the coin's future price movements. However, it is worth noting that Shiba Inu has also shown a tendency to rally when Dogecoin prices rise, so it is possible that the coin could continue to follow Dogecoin's price movements in the future.
The dog-themed cryptocurrency Dogecoin has recently entered a price correction phase, losing 4.6% of its value over the last 24 hours. However, many investors remain confident in the long-term prospects of the coin, and believe that it will continue to rise in value over time.
The recent price dump has caused the weekly gain to drop to 80.8%. This is a significant decrease from the past few days, where the weekly gain was over 100%.
Shiba Inu investors are keeping a close watch on Dogecoin, as the two digital assets tend to share the same trend. They are predicting when Dogecoin will move up or down so they can make the most informed decisions about their investments.