Crypto

Shiba Inu: Should we anticipate an imminent collapse of the SHIB? By Investing.com

Investing.com – At the time of writing, the lowest performing cryptocurrency in the Top 20 for 7 days, falling more than 3%.

However, it should not be forgotten that the cryptocurrency registered an exceptional rise at the beginning of this month, and retains the vast majority of the gains obtained during this rise phase, despite the correction of the last days.

Shiba Inu increases more than 240% since the beginning of the month

Starting from around $ 0.00000820 on October 4, the Shiba Inu peaked at $ 0.00003500 on October 7, an increase of more than 320% in less than three days.

However, at $ 0.00002785 at the time of writing, the Shiba Inu is still above 240% of its price at the beginning of the month.

And if this ability to sustain gains that were not based on a few concrete things can be reassuring on the one hand, it means above all that the Shiba Inu is still a potential time bomb, that is, a bubble waiting to burst.

And it is true that there is little reason to bet on a lasting rise of the Shiba Inu, which a priori has no other use than as a vehicle for speculation.

What is the Shiba Inu used for?

In fact, even his most devoted fans must admit that Shiba Inu fishes for lack of utility in the real world.

A little over a year after its creation, we can only count 88 companies that accept SHIB as a means of payment. And none of these companies is really known to the general public …

Traders never keep their SHIBs for long

Another weak point of the Shiba Inu, which demonstrates the highly (unique?) Speculative nature of the cryptocurrency is the fact that the average holding period for investors is six days, according to data from Coinbase (NASDAQ :).

This proves that Shiba Inu movements are essentially linked to short-term speculation and traders’ emotional reactions, which can change dramatically in the blink of an eye.

Therefore, caution remains more than ever against the Shiba Inu, which remains by far the best performing Top 20 cryptocurrency since the beginning of the month and therefore has undoubtedly more space than most cryptocurrencies for a brutal correction.

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Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

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