The cryptocurrency market has struggled over the last few months. October, a historically bullish month for crypto, has defied the pattern. “Uptober” did not live up to expectations. Shiba Inu (SHIB) has also fallen victim to the current market trend. According to CoinGecko data, SHIB’s price has fallen by 3% in the last 24 hours, 3.7% in the last week, 1.2% in the 14-day charts, and 17.2% over the previous month. Shiba Inu’s (SHIB) latest price dip has led to the asset’s price gaining an additional zero after its decimal point. Let’s discuss why the dip could prove to be an excellent buying opportunity for fans and investors.
Here’s Why Shiba Inu’s Price Dip Could Be an Opportunity
Shiba Inu (SHIB) is among the most successful crypto projects in the market. Although the asset has struggled to generate steam over the last few years, it still commands substantial clout in the memecoin realm. Many anticipate SHIB’s price to take off once the market bearishness washes off.
Shiba Inu (SHIB) has brought a lot of development to the project. The team launched the Shibarium layer-2 network in 2023 to bring more utility to the token. The ultimate aim for Shiba Inu (SHIB) is to garner more people to the SHIB ecosystem. Although the number of applications on the Shibarium network is less, it will likely increase over the coming years. More people on Shibarium may lead to more demand for SHIB, and consequently, higher prices.
Also Read: 66 Billion Shiba Inu Tokens Removed From Circulation
Buying Shiba Inu (SHIB) at current prices, if not lower, could prove to be an excellent investment decision. If SHIB’s price gains momentum over the coming months, the returns could be quite high. Moreover, SHIB is down by more than 88% from its all-time high of $0.00008616. If SHIB ever reclaims its peak again, investors will be happy to have bought at current price levels.