Shiba Inu coin might be headed for a dark winter, especially if there isn’t any more social media hype that draws up massive support.
Shiba Inu coin predictions for the winter
Expert Liam Andrew Wright, a writer for crypto news site Benzinga, doesn’t see a great winter ahead for some cryptocurrencies, like Safemoon, Doge and Shiba Inu coin since they rely on social media hype and mentions from prominent figures, like Tesla CEO Elon Musk.
- “I am not saying that Doge, Safemoon, or Shiba Inu are baseless projects without any strong fundamentals,” he wrote. “I am saying that these projects have risen due to social media hype and community momentum rather than their fundamentals. The fundamentals of the project are only discussed in hindsight on subreddits for the most part. Doge is the epitome of a hype play, and without Elon Musk, it would unlikely be in the place it is today.”
Wright said meme-based cryptocurrencies might suffer a sharp fall if there are more investments in the near future. People will invest in the crypto tokens but then sell off their earnings, creating another crash. This is similar to what happened after cryptocurrencies peaked in spring 2021, as many have now lost a significant chunk of value.
Is Shiba Inu coin going to rise again?
Shib coin has risen by about 60% in recent weeks after it hit its lowest value ever in July, according to Investing Cube. But the price shows there is still some support for the crypto token, which has seen a jump in movement over 25-day and 50-day periods, as I wrote for the Deseret News.
- One prediction from Investing Cube suggests the coin will face resistance for a little longer before it begins to climb again if there’s a mention from a prominent figure, like Musk.
- Such a mention “could easily be enough to swing the prices of these digital assets by double digits in a matter of days,” according to Investor Place.