Why did Shib coin dip?
- “Coinbase added SHIB little more than a month after that coin’s creation, in marked contrast to its addition of Dogecoin, which seemed to take DOGE years,” according to CoinDesk.com.
But Santiment, a cryptocurrency analytics firm, said the hype over Shib coin may have died down, and the coin may have hit its peak already.
- “When a coin appears in emerging trends list, especially in top 3, it’s often a sign of a price top. Because it indicates a sort of a peak social hype. Price can hardly sustain its rally without increasing hype (or social volume),” according to Santiment.
Will Shib coin rise again?
- Since its origins, Shib coin has been deemed a “Dogecoin killer.” Both currencies use a Shiba Inu dog as its mascot, which made them instant rivals in the crypto world.
However, you may want to hold off before buying on Shib coin right now, according to InvestorPlace.com.
- “While Shiba Inu might be a fun, albeit highly risky bet for some, it just isn’t for us,” InvestorPlace.com explained. “Our focus is on discovering innovative, life-changing blockchains. Cryptos with far less risk, but equal opportunity for gains.
- “So, while some people seek a low-effort moonshot with a meme crypto like this, we’re busy poring over research being done by crypto groups and companies, unearthing the ultimate, most asymmetric bets,” InvestorPlace.com said.