The Shiba Inu coin has been on a downward trend since it peaked in February, which many cryptocurrency holders are a little worried about. But let’s not forget that the Shiba Inu coin is one of the fastest-growing cryptocurrencies of all time. It is up over 41,016,168% from the end of 2020 until today. Although its current price has taken a beating in recent weeks, dropping more than 73% from its peak in February, the Shiba Inu coin’s investors have always believed in its potential.
The Shiba Inu Coins trend was low for a while when the market capitalization in circulation was only $11.3 billion at the beginning of February 2022. After a month of decline, Shiba Coin announced at this time that it would open up the Metaverse world in addition to the cryptocurrency market. It was renamed Shiba Lands, allowing the public to invest in virtual land and virtual real estate within the metaverse. Owning Doge Killer (Aka LEASH), a cryptocurrency launched by the same Shiba Coin company will have priority access to the metaverse. After the news was made public, LEASH and Shiba Inu Coin rose over 40% in two days.
The news of joining the Meta-Universe sent the Shiba Inu coin down and then up to a small peak of $18.6 billion in circulating market capitalization. This allowed many short-term investors to buy Shiba Inu coin and take profits. However, since that small peak, Shiba Inu coins have all started to trend down again, until today.
Yet why would it be good news to say that the Shiba Inu coin is now on a downward trend? Let’s take a look at what’s been happening with Shiba Inu coins lately.
- Turkey May Use Shiba Inu Coin
Recently Mustafa Elitaş, Vice Chairman of AK Party Group, discussed the possibility of adopting SHIB with Shiba Inu Türkiye, one of the members of the Turkish SHIB army. This would represent that the Shiba Inu coin could be adopted by Turkey. Being recognized and used by a country is good news for the entire cryptocurrency industry.
As soon as the news broke, the volumes of the pair Shiba Inu andTurkish Lira trading on Gate.io, far exceeded that of Bitcoin on the day of 3.10. Gate.io is one of the top 10 world’s recognized digital currency trading platforms. SHIB/TRY trading volume in the last 24 hours is at 279,213,075 Turkish Lira.
- Shiba Inu development team is building the opportunity to burn Shiba Inu coins
The SHIB project team is currently continuing to promote other ecosystem tokens (such as $LEASH and $BONE), which presents a burning opportunity for SHIB. Milkshake, an official member of the Shiba Inu portal, said on Twitter on March 10, “Everything the development team is building has a burning opportunity or mechanism going forward, and it does revolve around #SHIB, but it also brings an environment in which circulation is being addressed by a continued reduction in a number of different factors,”.
To eventually reduce the total coin supply, the Shiba Inu community is involved in several burning mechanisms, including buying some units of the cryptocurrency and transferring them to “inferno wallets”. Burning Shiba Inu coins has led to an increase in their value.
The average SHIB balance has risen 39% in the last 24 hours as prices show signs of a potential recovery. Some recent news and actions will also affect the Shiba Inu coin’s trend. The decline of the Shiba Inu coin will bring a better rally. Still, it should not be forgotten that the Shiba Inu coin is also considered one of the less stable cryptocurrencies and the risk is proportional to the income. You need to consider carefully before investing.
