SHIB has dipped by nearly 40% year-to-date, and investors are losing a substantial amount of money on the token. The latest data from Etherscan indicates that the number of Shiba Inu holders has declined by 0.006% for the first time in two years. The development is making the dog-themed token bearish as new investors are skeptical about taking an entry position. The fear of losing money is the primary cause, while the token has lost its hype and buzz.
In addition, data from Coingecko shows that Shiba Inu’s 24-hour trading volume has dipped by 32%. Its daily trading volume has plummeted to $219 million, indicating fewer buying and selling activities. The move has dampened its price, making it trade in the charts backward. While the upward price trajectory moves at a snail’s pace, the dip occurs much faster. The glaring difference is what’s making SHIB the least chosen investment among cryptocurrency traders.
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Shiba Inu: How Long Will the Dip Continue?
The dip is likely to continue throughout the year as SHIB is yet to come out of the bearish claws. Its price has remained stagnant around the $0.000011 and $0.000012 levels for six months. An uptick from here is unlikely, as newer investors are pouring their money into other altcoins that are printing gains. Altcoins like Ripple’s XRP, Cardano’s ADA, Solana’s SOL, and Binance’s BNB are generating major returns.
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Most importantly, the meme currency segment is now the least valuable in the market. What was once the darling of the cryptocurrency market is now being frowned upon. Hype and buzz can only take Shiba Inu this far, but without utility and real-world use cases, the token cannot survive. Reality will eventually catch up, and SHIB is now embroiled in its own fame. For Shiba Inu to surge again, it needs to attract another batch of new and first-time investors like it did in 2021.