Shiba Inu (SHIB) is undoubtedly one of the most popular crypto projects out there. The project has seen its fair share of highs and lows. Moreover, the SHIB team is working on several launches that might bring in some positive price action. Nonetheless, the project has fallen back on its word on several occasions. However, is the project primed for even more growth? Should you invest more in SHIB? Or is it just another dead project? Let’s have a look.
Pros and Cons of investing in Shiba Inu
Pros: One of the most anticipated launches from Shiba Inu is the impending Shibarium layer-2 network. The network aims to lower transaction costs for SHIB while increasing speeds. Shibarium was supposed to debut in Q3 2022, but the launch was pushed due to development delays.
The other positive aspect is the upcoming Shib: The Metaverse, which is also in development. Once again, we do not have a fixed launch date, but the project has many people excited about it.
The third positive aspect of Shiba Inu is the fact that whales continue to indulge in SHIB despite the dip. Ethereum whales are big fans of the dog coin, and SHIB recently reached the top 10 in trading volume among them.
Cons: Shib also has its fair share of cons that might turn an investor away. Firstly there have been a lot of delays in upgrades. As mentioned above, the Shibarium launch was scheduled for Q3, but the team did not meet the deadline. Such things do not reflect well on the project.
The other negative aspect is that Shiba Inu’s burn rate has not had a positive impact on the price. SHIB’s burn rate recently touched 4497.73%, but it did not reflect a positive price movement.
The third red flag for investing in SHIB right now is the ongoing bear market. There is a high chance that SHIB’s price could slide in the coming days. Bitcoin (BTC), the original crypto, is struggling to stay above the $16k mark. Going by that, it is unlikely that the larger crypto market will perform very well.
At press time, SHIB was trading at $0.00000903, down by 2% in the last 24 hours.