Is Shiba Inu dead? SHIB is down 20% in a year
Once hailed as the “Dogecoin (DOGE) killer,” Shiba Inu (SHIB) is struggling to keep up with the competition as it posts one of the weakest performances year-over-year. Although the token is among the top 25 cryptocurrencies by market cap, Shiba Inu is one of only three that are in the red on the yearly chart, together with Toncoin (TON) and Polkadot (DOT). By comparison, Dogecoin, its meme coin rival, has surged nearly 100% over the same period. The question for traders is thus whether Shiba Inu is dead or whether it can reinvigorate some of the demand it previously enjoyed. Can Shiba Inu recover? At the time of writing, SHIB was trading at a fraction of a cent, at $0.00001187, down nearly 21% the past year. Although hype once allowed it to top Dogecoin in terms of market cap, its capitalization now sits at only $6.97 billion, compared to DOGE’s $34.89 billion, which is almost seven times as much. Shiba inu price. Source: CoinMarketCap Nonetheless,...