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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
Key Points:
Crypto analysts warn that Shiba Inu might not break the downward trend any time soon, despite the recovery posted today. $SHIB had increased by 14% in the past 24 hours of this writing, making SHIB the best performing of the top 15 cryptocurrencies.
The current Shiba Inu price spike is due to exciting developments over the last few days. Among the biggest developments is the recent move by an Ethereum whale, the "BlueWhale0073", to buy 142.6 billion Shiba Inu tokens worth $1,539,417. The buy instantly made the Shiba coin bullish.
The recent adoption of Shiba Inu by XcelTrip, a decentralized online booking platform, is another reason for the current price spike. But just like during the Robinhood listing, the crypto experts believe that Shiba Inu might pull back and lose all the gains made in the past 24 hours.
The Shiba Inu selling pressure might continue if the bearish market doesn't stop. There are also very few Shiba developments to keep the coin bullish. Though Shiba Inu's layer-2 solution Shibarium, which is launching this June, might make an impact, it may not be enough to keep the coin bullish.
Crypto analysts have also cited tough competition as one of the reasons why Shiba might continue to drop. The most mentioned competitor is the Bitgert (BRISE). Bitgert has been said to be one of the cryptocurrencies killing Shiba Inu. Here is more about Bitgert:
Bitgert (BRISE) has been said to be the Shiba Inu killer because of a number of things. First, Bitgert is a real utility project, while Shiba Inu is a meme coin. The other factor is the fast-growing Bitgert ecosystem. The Bitgert team is developing the project faster, and this is attracting a lot of investors.
Bitgert ecosystem consists of a range of disruptive products, including DeFi, NFT, and Web3 products, with most of these products coming up in the Bitgert roadmap V2. Bitgert CEX, Bitgert NFT marketplace and Bitgert Web3 oracle are coming up soon. But the Bitgert roadmap V1 has already released major products, including the powerful Bitgert BRC20 blockchain.
As the only zero gas fee blockchain, the Bitgert BRC20 chain is the most adopted blockchain, which is why Bitgert price has been skyrocketing. Therefore, Bitgert is a solid project that is attracting a lot of Shiba Inu investors. Bitgert ecosystem is also getting more products from the Centcex project. Unless Shiba Inu matches the development speed of Bitgert, the price will continue to drop as more investors will be joining Bitgert (BRISE).
