Cryptocurrency analysts at FX Street are concerned that if the Shiba Inu token does not recover, it could lose the little hype it has on social media, which would be disastrous for the ERC-20 token. The Shiba Inu is a breed of hunting dog from Japan, but crypto enthusiasts know it more as the face of a new digital currency. The Shiba Inu coin has had a lucky streak recently, managing to stay afloat despite the big drops that other cryptocurrencies have seen, according to FX Street. Ms Tatibouet added that Elon Musk's picture of Shiba Inu was one of the main drivers of the meme-based digital currency's price surge. Shiba Inu has become one of the most traded tokens this week, outperforming Dogecoin and making significant gains after unconfirmed speculation that Robinhood might be preparing to list it.
Before you can buy Shiba Inu or any other cryptocurrency, you will need to verify your identity. Nigel Green - CEO of deVere Group - warns traders not to invest in altcoins such as Shiba Inu because “they have no inherent value, so they have the greatest risk of burning an investor”. He points out that Shiba Inu's success is almost entirely due to its partnership with Dogecoin. The official website of Shiba Inu describes SHIB as an “ERC-20 only token (that) can stay well under a penny and still outperform Dogecoin in a short time”. Shiba Inu tokens feature the same dog as Dogecoin, which has become one of the most popular cryptocurrencies this year.
Some of the key factors that analysts believe will prevent Shiba Inu from reaching these price levels are its bulky size and apparent lack of intrinsic value. Unlike cryptocurrencies such as Bitcoin and Ethereum, which derive much of their value from mass adoption and cutting-edge technology, Shiba Inu has yet to attract the attention of serious investors, let alone institutions. David Hsiao, CEO of the popular cryptocurrency magazine Block Journal, offers a more pessimistic view of Shiba Inu. Some retailers are considering or even adopting the Shiba Inu coin as a means of payment, but others view the project with scepticism. Shiba Inu investors and crypto market analysts are very bullish on the coin's prices in the near future.
If it can generate even more hype than when it hit its all-time high in May, it is possible that Shiba Inu will continue to rise, especially after news that it surpassed DOGE's market capitalisation.