The market has not been very supportive of Shiba Inu, the second-most popular meme-coin. Shiba Inu has been witnessing the longest landslide for the last couple of months, hoping desperately for a miraculous recovery. Fortunately, there has been a bounce in its value due to an Ethereum whale’s bulk order of the coin. This event has sparked up the flare for SHIB ventures to stabilize it shortly.
Reasons for the Downfall
Shiba Inu, or SHIB, is one among the several meme-coins in circulation today. Despite the fanbase, SHIB could not get out of the downward trend that has been persisting for months now. Experts state that the issue is with the design itself. Shiba Inu’s design is incapable of pushing the value naturally and the recovery measures announced have not been as effective as they should have been.
Ethereum Whales Buying SHIB
According to reports, an Ethereum whale bought the bulk of SHIB coins yesterday. The value of this meme-coin is far lower now than when the whale bought them. This implies a considerable loss for the whales. But the continued interest of whales in the coin also implies that there could be a bigger picture to this whole situation. The whale has invested over 50,000,000 dollars in Shiba Inu, pushing its value to bounce up about 10%. However, this bounce is insignificant against the steep loss of value the coin has incurred for the past few months. But reports suggest that SHIB would be able to stabilize itself by April 2022, as the Ethereum whales seem to keep their interest in Shiba Inu afloat.
The Fate of Meme-coins
The last few months in the market have been a roller-coaster ride for meme-coins. Even Dogecoin has witnessed a turbulent time in the market.While Bitcoins soared higher than 48,000 dollars, the SHIB coin faced a 60% steep fall. The SHIB coin has lost a significant number of its holders lately, and it is taking a toll on the token’s value. But the silver lining is Shiba Inu also recorded an increased percentage of activity in Coinbase in the last 24 hours, which seems hopeful.
Shiba Inu needs to formulate countermeasures to increase the number of holders for its native token. Moreover, SHIB tokens have been burned constantly to create a demand for the coins. Experts claim that although it is a significant move from Shiba Inu, it is not enough to push the token to the intended result.