Falling horribly from $0.0002 to just $0.000012, Shiba Inu now stands as one of the most drastically falling meme coins. This decline has left investors shocked, and undoubtedly, I am one of them. To me, this 65% drop since the peak just some months ago has clearly communicated that SHIB is finding a hard time holding any value.
What might be more worrying, however, is the general bearishness in the market that has been spiraling many digital assets lower, Shiba Inu included. I believe this is highly connected to the market-wide liquidations and general lack of buying pressure. The fact that 73% of SHIB is held by 0.01% of wallets doesn't help either, the supply is highly concentrated on large holders. Coupled with low purchasing power, this condition does not augur well for the future of this cryptocurrency.
But I'm no pessimist. Though apparently facing so many odds, there seems a force in the community-driven nature of meme coins like Shiba Inu that could just pull off a comeback. That is unless a wholesale change in market sentiment were to happen or entirely new funding would rush into this corner. I don't see that on the horizon, but sometimes the speculative nature of these coins has big surprises in store.
The only silver lining being that I did come across this rather fun forecast by Samson Mow, one of the pro-Bit coin firm supporters, and CEO of JAN3. He is pretty sure that Bitcoin touches $1 million next year, he gives a few ideas: but I'm totally not buying the Apple or Berkshire Hathaway moving their free cash to Bitcoin notion, but interesting. I won't criticize the prediction, but I do believe that there are several factors at play, which may see Bitcoin's price rise enormously.
When Bitcoin dropped in price recently and it was just under $50,000, that was really a topic of hot debate among the investors. I think it is more or less due to the collapse of traditional markets as Samson Mow's point out. However, in my opinion, the author of "Rich Dad Poor Dad," Robert Kiyosaki, is correct in designating this as just a transient phase and that investors should cash in on this opportunity. Cryptocurrency markets, from my perspective, are internally volatile, we just need to be prepared for the unexpected twists and turns.