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The decline in the crypto market this fall seems so damaging that no matter the scale of investors of cryptocurrencies like Shiba Inu, all are facing more or less tough times. As per the recent data, about 81% of Shiba Inu holders are now facing a loss on their investments made within SHIB. This number could be more given the consistently dropping trading price of the popular meme currency which is currently standing at around US$0.0000076 after losing about 7% of its value in the last 24 hours. It could be understood quite easily by looking at the decline in value of SHIB which is about 90% down from its all-time high of US$0.000088 that was attained in October last year.
The Shiba Inu community has found itself in a very rough state for the past few weeks. The coin has been plummeting fast, with the past 7 days showing a 30% decline at the time of this writing. SHIB has also dropped lower to reach 5th-zeros, and the bears are still pushing the price down. At the time of this writing, SHIB was trading at US$0.000007616, which was the lowest price in 8 months. This decline means that SHIB investors that bought the coin during the ATH and still holding have lost 91% of their holdings.
The crypto sphere is now inching closer to retrieving its US$1 Trillion market capitalization, after a heart-wrenching fall. With cryptocurrencies now portraying greener numbers, a myriad of forecasts, thesis, and exchanges of thoughts have been surfacing in the industry. One altcoin which is back to talks is Shiba Inu's SHIB.
The meme coin is now making rounds on the internet for the statements made by the creators. And for the bullish predictions of analysts and marketers. While sections still are optimistic about the future prospects of SHIB price, a certain section of investors has been voicing against the statement made by the creators over the burning of SHIB tokens.
A prediction of Shiba Inu made by a crypto-research firm- Telegaon that employs AI has caught sight of the community. The firm expects SHIB to hit a maximum of US$9.61 by the year 2050. Learning from the detailed analysis, SHIB is expected to hit a new ATH by 2025, following the halving of Bitcoin. The analysts expect Shiba Inu to claim a new ATH by 2040. As the canine coin could have lost 50% of its supply to burns.
While the predictions are overwhelming for any SHIB holder, however, since the US$9 target is decades ahead. We cannot really expect things to unfold alike, as the digital asset would undergo an "n" number of events along the course of time. In a note-worthy instance, Shytoshi Kusama cited that the bear market opens up the best opportunity for one to buy or burn.
The statement coming from a known personality from the team has infuriated sections of investors. Who is now criticizing the platform for the lack of burn initiatives from their end? Talking of burn events, as of press-time 410,369,970,331,037 SHIB have been burnt from the initial supply. As per Shibburn, the burn rate over the past 24 hours has hit +162.98%, with the count at 220,985,769 SHIB. Wrapping up, with the initiatives such as developmental and burn events, the price of the meme coin could eventually rise to greater heights in the higher timeframe. Moreover, SHIB being one of the top holds of the top 100 ETH whales, will further upkeep the price during extreme volatility.
