Investors have started trusting Shiba Inu in the last few weeks despite the crypto crash market
Shiba Inu, the rival of Dogecoin, finally relieved investors’ worries by showing a rise of 45% last week.
Many people are upset with SHIB recently as the crypto market has gone on its infamous, notorious volatility streak in recent weeks.
Recent observations have shown that 80% of crypto investors incurred a considerable loss of value after seeing the price of the memecoin Shiba drop. Despite the losses, people are still investing in SHIB, seeing its long-term potential in crypto.
The Dark Nights of Crypto and Shiba Inu
In June 2022, the crypto industry started declining, and Shiba Inu also experienced depreciation in value.
Bitcoin and other popular cryptocurrencies were stolen from the crypto wallets of many crypto investors.
The price of SHIB has continued something of a downward trend since the start of June and is now highly oversold, as seen on the RSI.
Crypto investors were under pressure to observe the SHIB price reaching the lowest of US$0.00000628 in August 2021
Earlier this year, one Shiba Inu token was worth about US$0.000008, and some crypto investors lost faith in this ecosystem.
SHIBA Price: Rising Through the Storm
At the time of writing, the current SHIBA price is US$0.00001025, with the 14th rank in the global crypto market on 30 June 2022.
SHIBA has been gaining traction in the cryptosphere because of the current environment.
The Reasons Driving SHIB Price High
The Shibarium blockchain is one of the key reasons why SHIBA continues to grow. It’s an enormously powerful network that provides a remarkable level of knowledge and dialogue.
It tends to utilize the BONE governance token in the form of its gas fees.
Therefore, Shibarium can also manage your smart contracts and transactions efficiently.
BONE is a market platform for investors in the crypto sphere. Users can vote on the decentralized autonomous organization of the Shiba Inu ecosystem by using their BONE tokens.
Many believe that the recent price increase of SHIBA has been manipulated by crypto investors as it is one of the top meme coins held by many Ethereum whales.
Another reason is the recent launch of the blockchain network’s new upgraded layer or beta version.
Shib burn has sent nearly a billion SHIBA to dead wallets, and 410.36 trillion coins have been burnt- this can have a stimulating effect on the price at the end of June 2022.
It helped crypto investors to drive profits efficiently and effectively. I think it’s safe to say the number of people who like Shiba Inu is as much a result of its promotion as it is just because they think it’s cute.
The SHIBA price is not affected by real-life situations, unlike Bitcoin and Dogecoin — no intrinsic value in crypto wallets, only entertainment value.