Shiba Inu was expected to be a huge hit among crypto enthusiasts this year. Especially since the meme coin network promised a lot of developments to its investors.
However, market volatility has left investors worried about their primary purpose of investing in a currency like SHIB – profits.
Shiba Inu and her failed efforts
Altcoin has been very aggressive when it comes to development after the announcement of CCG Shiba Eternity. Another major development was the inclusion of the meme coin in the list of supported tokens for Binance Card, as reported by AMBCrypto. Unfortunately, none of these events were catalysts for SHIB on the charts.
This may be because even though the cryptocurrency market has regained its value over $1 trillion, it is still under the control of fear. Especially since investors are not sure what could happen next.
Of course, money will only flow into assets that investors believe in. Needless to say, meme coins do not particularly fall into this group.
The ups and downs of SHIB have been a concern for a long time. Ergo, as long as the fear persists, you won’t find many recipients.
This is the same reason why the demand for cryptocurrencies has not increased at all in about a month and a half. The low buying pressure of the meme coin is the reason why, during the same period of time, SHIB hasn’t moved at all.
While ETH is up over 75% over the cited period, SHIB, at the time of writing, is still at its June 25 price level.
To make matters worse, Shiba Inu has been maintaining a high correlation of 0.9 with Bitcoin for about two weeks now. This may also have contributed to the lack of growth.
In fact, Bitcoin is up less than 26% from its June lows to trade at $23,000 on the price charts.
Thus, if SHIB aligns its path with BTC, the chances of a rally will only decrease in the future.