Shiba Inu joined Robinhood in April, yet even that was a sufficient amount to create a fleeting pop in its cost and exchanging movement.
The Shiba Inu (SHIB) price has been plummeting for the past few months. The coin will make marginal gains and then dip further in the next bearish market condition. That’s why it has been plummeting for the past 5 months, and crypto experts say that Shiba Inu might drop further. The biggest problem for SHIB right now is the reducing number of transactions, dropping the holder’s account, and dropping the token price. The coin has been plummeting for the most of 2022, which has discouraged many investors. But the biggest reason why investors have been leaving Shiba is the lack of utility to grow the project.
Shiba Inu joined Robinhood in April, but even that was only enough to generate a short-lived pop in its price and trading activity. Recorded transactions in the crypto fell 70% in the first quarter from the previous quarter, and in April 2022, SHIB transactions fell to 216,260 from 329,893 in March. That tracks with a broader decline in the value of SHIB, which is down more than 75% from its peak last October, as well as fading interest in cryptocurrency more generally.
Robinhood’s first-quarter report, which came out April 28, also underscored that trading activity among the millennials that helped drive the crypto boom is drying up as the company’s overall revenue fell 43% to US$299 million, and crypto revenue declined 39% to US$54 million.
How can SHIB Gain Value?
A major tactic that cryptocurrency makers use to trigger their price is causing inflation. Shiba Inu is also set to create scarcity by burning a massive amount of tokens. Currently, there are 589,736,561,989,744 SHIB tokens in circulation. The massive burn could reduce the total circulation.
Besides, Shiba Inu founder has also revealed that the burn is expected to open the door for the memecoins to enter the metaverse space. Ryoshi revealed that The ShibaInu Core Devs (SICD) is working on developing its metaverse called ‘Osiverse’.
FOR MORE INFO: