Shiba Inu and the buzz surrounding the rise of the dog-themed meme coin is responsible for a large proportion of cryptocurrency investors in the market today. The coin’s growth in 2021 was mind-boggling, with a 50,000% price increase attracting many investors. Shiba Inu (SHIB) made those who had only invested $2 in SHIB tokens (and held them) millionaires today. That was then. This is now. Is Shiba Inu dead?
The coin has been falling in value over the last 5 months, and crypto experts do not expect it to rise again. Could this be the end of the Shiba Inu era?
- Shiba Inu ownership is not distributed evenly – the majority of SHIB is held by just 100 people, accounting for 0.008 percent of its owners at the time of writing. These 100 people control 81 percent of all SHIB.
- Shiba inu has a total token supply of one quadrillion. The other half is locked into Uniswap, while the other half was given to Ethereum co-founder Vitalik Buterin, who sent 90% of what he was given to a burn wallet.
- The total market cap of Shiba Inu has dropped to $11.35 billion-a third of the value it held just months ago.
What happened to 2021’s fastest-growing crypto coin, which now appears to be losing ground quickly. Is the project dead?
Challenges
So many forces have conspired to knock the shine off the SHIB token. The first is a lack of token utility. The second factor is the growing number of crypto projects.
Bitgert and Centcex are two cryptocurrencies that have been called Shiba Inu killers, which is ironic because when Shiba Inu launched it was called the Doge Killer.
Let’s take a look at Bitgert and Centex.
Bitgert
Bitgert has been making waves with the massive utility that the Bitgert team is developing. The Bitgert ecosystem is one of the most rapidly growing, with numerous disruptive products. Shiba Inu has yet to build a blockchain, whereas Bitgert has. There is also the Bitgert team’s growing number of products.
The roadmap V2 includes all of the products that the team will be developing.
Shiba Inu is losing traction due to its enormous utility and the rate at which it is developing. In fact, many Shiba Inu investors have joined Bitgert over the last few months. SHIB will continue to fall as the Bitgert ecosystem expands.
Centcex
Centxex is a scaling solution for Bitgert that is challenging Shiba Inu. Centcex, like Bitgert, has been working to build one of the largest ecosystems in the crypto industry. According to crypto experts, Centcex may be one of the few projects that will compete with the Bitgert utility and could therefore, facilitate the death of Shiba Inu.
Shiba Inu is being harmed by Centcex utility growth.
A number of Shiba Inu investors have joined Centcex projects in recent weeks. With Centcex set to begin product release, the hype will attract more Shiba Inu investors, and SHIB may continue to fall. As a result, the Centcex project’s development could have a significant impact on the Shiba token’s performance.
Shiba Inu in retreat?
So is Shiba Inu dead? All indications point toward a major Shiba Inu retraction. The large number of high-performing coins, such as Bitgert, may be hastening the crash. It’s worth noting that Bitgert and Centcex are both utility projects, whereas Shiba Inu is a meme coin. This is the most significant distinction between Bitgert, other coins and SHIB.
Final thoughts
Despite the incredibly strong community support Shiba Inu lacks utility, even with ShibaSwap and Shiboshis (the NFT project) down nearly 70%. The current price of Shiba Inu is $0.00001175.
The bottom line is that the hype from the massive crypto market created demand for the Shiba Inu. The coin is collapsing now that the hype has died. Unless the Shiba Inu team addresses these issues, the era of the still-popular coin may be coming to an end.
Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.
