Bitrabo Editorial
Shiba Inu has emerged as a prominent player in the meme coin market despite facing criticism regarding its future value. Crypto King, an anonymous investor, believes in the long-term potential of SHIB and refutes claims of its imminent decline, emphasizing that “OG memes like $SHIB are destined to thrive.”
Disputing Predictions of SHIB’s Depreciation
A recent statement by a meme coin critic suggested that most meme coins would lose value in the next few years, with only a few surviving in the top cryptocurrency rankings. Surprisingly, the critic included Shiba Inu, currently the second-largest meme token and ranked 11th in market cap, among those likely to lose a significant portion of its $13 billion valuation.
In response, Crypto King dismissed such opinions as coming from individuals lacking a deep understanding of the market. He highlighted SHIB’s widespread availability on various centralized exchanges globally, providing ample exposure to retail traders. The investor argued that SHIB’s established presence among meme coins is akin to gold compared to a newly discovered, less valuable crystal.
Continued Growth for Shiba Inu
Shiba Inu boasts a thriving community ecosystem, with ongoing efforts by team members to enhance real-world utility and move beyond its meme coin status. The development team has progressively introduced practical applications such as ShibaSwap and Shibarium, offering tangible benefits through SHIB.
Currently priced at $0.00002317, SHIB has experienced slight losses of 2.84% and 6.19% over the past 24 hours and seven days, respectively. Analyzing IntoTheBlock’s Global In/Out Of The Money Metric reveals SHIB facing resistance at 12.7 trillion SHIB and support at 37.4 trillion SHIB. The cryptocurrency’s direction remains uncertain for the coming week, but an analyst suggests that the $0.000023 price level serves as a demand zone for SHIB.
Image Source: Hundeo, Chart Source: TradingView