Down 64% From Its High, Is Now the Perfect Time to Buy Shiba Inu?
Shiba Inu (CRYPTO: SHIB) has typically been one of the more popular meme coins among retail crypto investors. But it has been sliding in recent months, and the gap between it and meme-coin rival Dogecoin has been widening. Shiba Ina's market cap of approximately $9.5 billion makes it the 13th-largest coin, while Dogecoin today holds down the No. 9 spot.
From the high of $0.00004564 it reached in early March, Shiba Inu's valuation has plummeted by approximately 64%. (Dogecoin, meanwhile, is down by about 53% from the 52-week high it touched in March.) Although investor interest in Shiba Inu seems to be at a low ebb, could now be an opportune time for crypto investors to start loading up on it?
At the beginning of 2024, there was a lot of excitement across the crypto market about the looming Bitcoin halving event. Plus, there was growing bullishness regarding the Securities and Exchange Commission's approval of new spot Bitcoin exchange-traded funds (ETFs), making it easier for people to invest in the digital currency without worrying about digital wallets. There's also been speculation that Shiba Inu will get its own spot ETFs.
Source Fool.com
