Even though many people remain excited about Shiba Inu, one has to wonder how much longer the community will stick around for. As this currency is still down by over 77% from its all-time high, a market reversal seems rather unlikely. For now, the bearish pressure has relented a bit, but there is still much work to do.
Shiba Inu Needs A Strong Bounce
When new meme currencies come to market, there will often be strong initial interest. Everyone wants to be part of the next “Dogecoin killer”, even though no project has lived up to that label to date. For Shiba Inu, it seems unlikely that will happen either, as the token has had a good run which proved too unstable to support for long.
Since hitting its all-time high of $0.00003791 two months ago, the value of SHIB has declined continually. Today, that same token is worth $0.00000861, or a 77.3% deficit from the all-time high value. For some, this may seem like a good price point to accumulate some Shiba Inu, although no one knows if there is any long-term potential for this asset beyond the speculative side.
Even though this week’s momentum has been promising for SHIB, there is still a lot of market volatility. While Bitcoin and Ethereum move up, other assets may do the same. However, when the markets turn bearish again, it is not unlikely that Shiba Inu will see its value drop by quite a margin. Therefore, it remains a speculative asset first and foremost, and caution is advised.
What Is Happening Behind The Scenes?
One thing the community can look forward to is the launch of Shibaswap. As a next-generation DeFi platform, users will be able to provide liquidity, stake, and swap tokens to gain WOOF returns as a form of passive income. There is no official launch date for this service yet, although many community members expect something to happen in the coming 36 hours.
That may be wishful thinking, although one never knows what the future may hold. Moreover, this service may not add value to SHIB, LEASH, or BONE, although it can create extra liquidity. More liquidity can trigger bearish pressure, depending on the overarching market conditions. An official audit by CertiK is not available at this time.
There is also the anticipation of trading SHIB on Coinbase Pro. Although the announcement was made weeks ago, the launch of Shiba Inu on Coinbase Pro has been delayed due to “technical issues“. Deposits of SHIB remain inaccessible for now, and the trading of this token has been delayed indefinitely. Coinbase has yet to clarify further which technical issues it encounters during this integration.
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