Cryptocurrency price

Shiba Inu: Why Has The Cryptocurrency Price Crashed And What To Expect?

The price of the Shiba Inu (SHIB) has been in freefall for five monthsand crypto experts say it could fall even further.

It is currently in the same tight range it experienced in late January and February of this year.

At present, its main problems are the reduction of the number of transactions, a drop in the holder’s account and a drop in the price of the token.

Cryptocurrency revenue is down

The fall in cryptocurrency performance so far this year has discouraged many investors. However, its vulnerable point is the lack of utility to grow the project.

Although Shiba Inu joined Robinhood in April, it was only enough to boost his price and trading activity, as he was already trailing a first quarter of the year with a 70% drop in his trades recorded in the cryptocurrency.

In March alone, SHIB transactions fell from 329,893 to 216,260, negatively impacting its trade value, which has fallen nearly 75% since its all-time high last October.

A report by Robinhood last month notes that the business activity among millennials that helped fuel the cryptocurrency boom is drying up.

Additionally, the analysis also reflects that cryptocurrency revenue decreased by 39%.

They will cause symbolic shortages

Now, one of the main tactics used by cryptocurrency makers to trigger their price is to cause inflation.

In this sense, Shiba Inu is also ready to create shortages and although currently there are 589,736,561,989,744 SHIB tokens in circulation, various analysts point out that the company could use its dissemination strategy to try to strengthen its value.

Another point to consider is that SHIB is considering the possibility of memecoins entering the metaverse space, as this would also strengthen cryptocurrencies.

The key breakout range for those eyeing an increase in Shiba Inu price is a daily close at or above $0.000026.