Shiba Inu is dubbed an original, the OG crypto coin among the diverse pool of meme coins. The token trades at $0.00001342, up 2% in the last 24 hours.
The token’s 2021 price rally greatly improved its overall appeal and helped it claim an all-time high of $0.00008616, making several investors rich in its wake. Will it ever be able to replicate that gigantic price rally? Let’s find out.
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Is It Profitable To Invest In SHIB?
The Shiba Inu universe is constantly revamped by injecting new elements into its ecosystem. Shiba Inu team leads are gearing up to launch SHIB DeFi, SHIB Marketplace, and SHIB Socials to keep the investors engaged and busy on their platforms.
The finders panel deems such developments bullish, eagerly awaiting Shibarium’s SHIB Layer 2 solution to become a more diverse and dynamic platform for investors.
“The price trend of SHIB may be highly correlated with the price trend of ETH, In addition, whether Shibarium (a Layer 2 Ethereum network) can truly establish its own DeFi and GameFi ecology is also a key factor for the token to emerge from the independent market.” As shared by Chen
At the same time, Shiba Inu’s profitability depends on its strong community support and strength.
Another notable analyst on the Finders panel, Shubham Munde, says that if Shib develops a practical use case, Shiba Inu will not stop claiming new price highs. Munde further states that Shiba Inu is a coin that should be purchased for the long haul.
“Shubham Munde, Senior Market Research Analyst at Market Research Future, is more optimistic. He says SHIB is a “buy.” The community is actively developing utility for its token, and that initiative could boost the prices,” claims Munde.
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Should You Buy or Sell The Meme Coin: CoinCodex Predicts?
CoinCodex, another notable cryptocurrency platform, has developed its own technical analysis for Shiba Inu. The platform measures the token’s 30 days and categorizes all the bullish days it has spent in a month.
Per CC, Shiba Inu has spent 14/30 bullish days (green days) in a month, which makes it a token worth buying and holding in the long run.
“Over the last 30 days, Shiba Inu had 14/30 (47%) green days. According to our historical data, it is currently not profitable to invest in Shiba Inu. The price of Shiba Inu increased by 82.77% in the last year, while the coin’s 3-year performance is 94.87%.”
However, investors should do their research before conducting any investment-centric activities.
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