Shiba Inu’s price continues to hold the $0.000049 support level amid FUD from major news outlets like Coindesk and Bloomberg. With the Metaverse trend picking up, some analysts are turning their backs on crypto’s meme coin sector, claiming that a “purge” of joke coins will be a good thing for the cryptocurrency industry.
Recent articles about Shiba Inu state that “dog coins” are not taken as seriously as other cryptocurrencies. Moreover, in today’s article Coindesk pointed out how the upcoming AMC partnership with SHIB did little to move the price, meaning the hype is dying and the coin will soon crash.
The reason SHIB’s price didn’t respond well to the news, was because the original announcement was made on November 8th. It was only after AMC’s CEO tweeted the timeline for the integration on November 15th, when all the major media outlets picked it up.
Moreover, on November 15th, Ethereum’s price experienced a significant crash, which made it impossible for SHIB’s price to rally upwards.
Another piece of FUD that’s been spreading, is comparing SHIB’s current price to Dogecoin’s price action in 2020. DOGE reached an all time high of $0.68 in May of last year, followed by a sharp price decline to $0.31, all within the same month.
The difference between Dogecoin and SHIB, is that Shiba Inu is a much newer coin than DOGE. Shiba Inu was launched in August of 2020, while Dogecoin was launched in December of 2013.
Furthermore, Dogecoin never got a chance to experience a massive ad campaign like Shiba Inu. If you’ve been on TikTok or YouTube, I’m sure you’ve seen various crypto exchange ads (Crypto.com, WeBull, Coinbase) all of which include “BUY SHIB” somewhere in the ad.
As a much newer cryptocurrency, Shiba Inu’s shelf life has just begun. One can’t expect SHIB to continue its bullish momentum, even when cryptocurrency markets are experiencing a rough few days. During those rough periods, I always think of this quote from Binance’s CEO, Changpeng Zhao:
“If you can’t hold, you won’t be rich.”
Meme coins are the juxtaposition crypto needs to the abundance of convoluted technical projects that the average joe just can’t understand. There are so many different “serious” projects in crypto that are providing all sorts of distributed blockchain-based DeFi-enabled NFT Metaverse networks, that sometimes it gets confusing to figure out what the project is even all about.
Meme coins are the perfect entry point for someone who has never invested in crypto and doesn’t have technical knowledge. Meme coins make crypto fun and exciting, they make people laugh and incite positive emotions.
Meme coins will never die. People will continue to get rich off joke cryptocurrencies, and be the last ones laughing.
Disclosure: This is not trading or investment advice. Always do your own research before buying any cryptocurrency.
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