It goes without saying that the cryptocurrency market can be tumultuous. Hot commodities like Shiba Inu coin see values rise and fall all the time — and often at the whim of their biggest proponents. Considering the chaos, it’s hard to know whether or not Shiba tokens are worth the investment. Is Shiba Inu coin dead, or is its next rise just around the corner?
Is Shiba Inu coin dead? Market value explained
Despite rising quickly and then falling sharply after launch, Shiba Inu coin is not dead. It’s true that its value has fallen dramatically since May, but the Shiba Inu coin market cap is holding steady around $3.5 billion heading into June.
Far from being dead, it instead appears that Shiba Inu coin has finally stabilized. That’s not without a few setbacks along the way, of course. It launched back in August of 2020, but didn’t really draw much attention until its price skyrocketed in April 2021. It would peak around a market cap of $12 billion, which was coincidentally just a few days after Elon Musk caused an overnight crypto market crash.
Unfortunately, with such rapid rises comes an inevitable fall. Shibu tokens fell to just $5.5 billion by May 16, according to data from CoinMarketCap. Then, on May 17, Ethereum co-founder Vitalik Buterin burned 90 percent of his SHIB holdings, valued around $6 billion. By May 23, Shiba Inu coin dropped below a $3 billion market cap.
Since then, SHIB has mostly stabilized. The market cap hasn’t dropped below $3 billion since, though it’s been struggling to hold any value above $3.5 billion.
All things considered, the news is good. Shiba Inu coin is not dead — far from it. Following the drop in value after the big spike in May, Shiba token prices have finally stabilized. Cryptocurrency investors who want a piece of SHIB now have another chance to jump in before the next big boom. Here’s a look at which apps you can use to buy it.