Shiba Inu’s Core Metrics Are Getting Better Despite Market Downturn
The Shiba Inu is currently trading at over 80% from its most recent high.
Adoption of the Shiba Inu is increasing, an indicator that trust in it as a network is increasing.
Shiba Inu is one of the cryptocurrencies with a good rebound potential once it bounces back from the bull market.
Shiba Inu (SHIB) was one of the most popular cryptocurrencies to buy in 2020/21. Today, anyone who bought a SHIB worth more than $100 in 2020 and sold by November 2021 is a multimillionaire. However, like the rest of the market, SHIB has tanked in 2022. It is down more than 80% from its all-time high. While it may seem like SHIB and meme coin season in general has come to an end, there is a lot more to do with regards to SHIB.
For example, the Shiba Inu has proven to be a very progressive project. It started out as just a random meme coin to compete with Dogecoin. However, it has since evolved into a comprehensive ecosystem of development. One of the more notable is the Shiba Inu layer-2 solution designed for scaling up Shiba Inu payments. This is a great deal because it encourages businesses to accept Shiba Inu for payment. It should come as no surprise that since SHIB debuted, the number of businesses accepting it for payment has increased.
Then there is the recently launched Shiba Inu Metaverse. While transactions in the Shiba Inu Metaverse are settled in Ethereum, the Metaverse is a significant boost to the Shiba Inu brand. This may play a role in SHIB’s value addition in future.
There is also a fact that the Shiba Inu is a deflationary cryptocurrency. About 50% of SHIB’s total supply has already been burned. This means that the price of SHIB is in a unique position to increase in value in the long run.
Is Shiba Inu a good cryptocurrency to buy now?
Shiba Inu is currently trading at huge discount. When you take into account its fundamentals, such as increased adoption and a deflationary supply, chances are high that SHIB can perform well in the future. Moreover, it looks like bitcoin has found strong support near the $28k price level. If it bounces off this level, it could lift the entire market with it, including the Shiba Inu.