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Factors Responsible for Low Response of SHIB Community

Factors Responsible for Low Response of SHIB Community


Cryptoknowmics
2022-06-01 22:30:23
Factors Responsible for Low Response of SHIB Community

Shiba Inu (SHIB) remains one of the most rewarding altcoins in recent times. Irresponsible for the crypto winter of recent months that saw most cryptocurrencies lose most of their previous gains, the return on investment on SHIB stands at 731880% according to CoinMarketCap. This means that the initial investors are having $7318.8 for each $1 investment. This rise led to a strong positive sentiment towards the altcoin Shiba Inu (SHIB) which in some quarters is called “Doge Killer.” This sentiment led to the rise of SHIB to $0.00008845 on October 28, 2021, according to CoinMarketCap. Many investors were optimistic that the price would rise further. This has not been the case, since SHIB is trading at $0.00001173 with 24 hours decreased by 0.15%. This means that the price of SHIB has reduced by 650% in the past 7 months. With the launch of a platform where Shiba Inu (SHIB) holders, will be rewarded for burning SHIB, the SHIB community had soon low response to it. This can be seen with the decrease in the price of SHIB by 42% in the past 30 days. The news of this reward platform would have increased the price of Shiba Inu (SHIB), irrespective of the crypto winter since the market is trending towards the part of users’ sentiments. Some of the factors that could be responsible for the low response of the SHIB community to the Shiba Inu burn to earn platform include: The SHIB community was disappointed with Shiba Inu’s recent perform...

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