Shiba Inu is 74% from its ATH despite new collabs; Is Recovery expected soon or not?

Sahana Kiran
Shiba Inu
Source – Pixabay

The adoption of crypto is no longer in its nascent stage. Shiba Inu [SHIB] has undoubtedly aided in this growth. A slew of platforms welcomed crypto over the last couple of years. These entities often onboard prominent assets like Bitcoin [BTC], Ethereum [ETH], and others from the coveted top 10. It is quite rare that meme coins or assets with dainty value make it as a payment option. SHIB however, changed the narrative.

Shiba Inu seems to be emerging as a big star in Venezuela. As per Xanders Shib, over 120 establishments currently accept the altcoin in the region. Another feather was added to the cap as a professional makeup firm decided to embrace the crypto wave. The platform is currently accepting four major cryptocurrencies namely, Bitcoin, Binance Coin [BNB], the largest stablecoin Tether [USDT] as well as SHIB.

Over the last couple of months, entities across Venezuela were seen intensively adopting the cryptocurrency. The multitude of firms accepting Shiba Inu even led to speculations on how SHIB could be the face of Venezuela.

Another firm that had previously onboarded SHIB, took its love for the altcoin to the next level and placed the SHIB logo in its office.

Shiba Inu remains the top choice of ETH whales

It seems like Shiba Inu and Ethereum [ETH] whales have an eternal connection. ETH whales have been pouring trillions of dollars into the altcoin. Now, this sentiment continues as the altcoin is in a price rut.

Despite the increased adoption rate and whale movements, Shiba Inu was in a slump with regard to its price. While the entire market is experiencing bloodshed, SHIB mirrored this notion. The asset was down by 15 percent over the last couple of days. During press time, SHIB was trading for $0.00002281 with a 6.43 percent daily drop.

Additionally, the altcoin was down by a whopping 74 percent from its all-time high.