Shiba Inu Drops, but Should You Be Concerned?
KEY POINTS
- The long-term rise of Shiba Inu gives this coin the potential to overcome some steep drops in the short term.
- Shiba Inu has the potential to rise above many other popular coins if it keeps seeing long-term gains during difficult times in the market.
Shiba Inu’s recent drop is significant. But do you need to take action yet?
Shiba Inu, one of the most valuable meme coins on the market and currently in the top 15 most valuable cryptocurrencies by market cap, has seen a drop over the past day. SHIB has seen astronomic rises and meteoric falls in the past. Should this drop be concerning to holders, or is it a temporary setback?
Across the board
With the recent regulations that China has placed on cryptocurrency transactions, the entire crypto market is seeing losses in value. Whether you are holding meme coins like Dogecoin, coins with versatility like Ethereum, values are declining. It is difficult to say how long this decline will last, but it should not discourage those who have committed to investing in cryptocurrency. One of the coins that is breaking the mold during this time of decline is SHIB. While many other coins are falling fast, SHIB has made some long-term gains.
Playing the long game
SHIB saw a drop of around 5% in the past day, but this significant short-term drop has still not reduced the value of SHIB to below where it was a week ago. After a massive rise in the long term, SHIB has seen net gains for its value, staying relatively stable while many others have steadily fallen. During this time of decline, SHIB is shaping up to rise through the ranks of the best tokens if it keeps up this kind of performance.
If SHIB sees many declines with no return to form, it could spell trouble for the lovable, dog-faced coin, but if it keeps seeing long-term gains during a time where other digital currencies are falling fast, then SHIB could find itself among the top 10 soon.
The bottom line
Times of widespread market impact such as we are in now have the potential to push certain underdogs ahead of their competitors. With so many coins dropping in value, Shiba Inu’s ability to achieve gains in the long run may cause it to rise above the top 15 if others continue to fall. If SHIB continues to rise in value, now might be the best time to invest in the meme coin. As always, make sure to do your own homework and don't invest any money you can't afford to lose.
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Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
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