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Bitcoin is once again falling, Shiba Inu (SHIB)’s trading value has soared up to 60%
Bitcoin freeze: Recent price fluctuations in Bitcoin and in the overall crypto market have been due to poor macroeconomic headwinds and the recent bankruptcies in the crypto world. Even though other cryptocurrencies are falling, Shiba Inu (SHIB)’s trading value has soared up to 60%.
Shiba Inu is an ERC-20 token that entered the market in August 2020. While it was only created to ride on the growing popularity of Dogecoin at the time, Shiba Inu later became one of the best-performing cryptocurrencies ever created, going up by over 48,000,000% by the end of 2021. The trading volume, which refers to the total amount transferred between buyers and sellers, might suggest investor positioning, although not often so. According to CoinMarketCap data, 27,747,491,040,661 SHIB, or 27 trillion tokens worth $332,414,104, were swapped in the last 24 hours. At the time of writing, SHIB was up 0.53% since the past day at $0.000012.
Is Bitcoin worth your Money?
2022 has been a tumultuous year for the king of cryptocurrency, Bitcoin (BTC). Bitcoin, which touched its peak in November, 2021 and shot past $69,000 levels, is now struggling to stick around $18,000. Post the aftermath of FTX downfall, Bitcoin is not able to cope up with the market pressure and thus showing no real signs of recovery.
But the fact that it is already recapturing its market dominance, which is a testament to increased investor interest in the most valuable crypto. As both crypto and traditional markets crashed, most investors converted their crypto holdings to Bitcoin in recognition of its stability and safe-haven status.
Other factors that make Bitcoin the most promising crypto investment include its increased use cases. Even countries – led by El Salvador and the Central African Republic – have started giving it a legal tender status. This adoption is expected to continue rising, pushing up demand for BTC coins – against its fixed supply which has the net effect of sparking a price rally.
Is Shiba Inu a good investment?
With the high volatility characteristic of the cryptocurrency market, it is not easy to answer the question, “Is Shiba Inu a smart investment?” That said, there is enough data in the historical price to help you decide whether SHIB is a good cryptocurrency to buy now or not.
Shiba Inu is a meme coin that was ideally created to capitalize on the hype around Dogecoin in 2020. However, besides its status as one of the best meme coins in the market, Shiba Inu has seen its use value over time. For instance, the Shiba Inu team recently introduced a layer-2 solution that will help in scaling, making it even better for everyday payments. Shiba Inu also recently introduced a Metaverse, giving it a footing in a fast-growing market.
Things you must know before investing in cryptocurrency in 2023:
Cryptocurrency is Unregulated and Decentralized
Cryptocurrencies are unregulated and decentralized. These are some of the most attractive qualities of the crypto market, yet also some of the most dangerous. Since cryptocurrencies are not controlled or regulated properly by centralized authorities, it leads to increased threats of scams and fraud. However, experts believe that the year 2023 will bring with it new forms of regulations for the crypto market.
Extremely Volatile
Large-scale, trusted investments like Bitcoin and Ethereum have lost significant chunks of their values due to their extreme volatility. However, investors are still unaware of how to control the volatility in a manner to satisfy their own needs, without losing massive amounts of funding.
Analyzing Market Sentiments
The buying and selling of cryptocurrencies define what and how customers are feeling about a specific digital asset. Understanding the basic conduct of buying and selling, the rising mainstream adoption of specific crypto, and how it’s being adopted by external users indicate the market sentiments about the digital asset. Beginners should take note of such investments since it demonstrates which cryptocurrency has higher potential to yield profits.
