Analyst Advises Investors to Shift From Shiba Inu (SHIB) To Other Altcoins
- The typical investor holds Shiba Inu for six days.
- SHIB is almost $11 billion market worth.
Cryptocurrencies have outperformed the stock market over the last decade. Shiba Inu is the newest digital currency to offer jaw-dropping gains in a short period. Shiba Inu surged almost 260 percent in a week, reaching the top 20 cryptocurrencies by market size on Oct. 8.
A mystery whale purchased huge quantities of Shibu Inu lately. It became the world’s 12th-largest cryptocurrency, overtaking Litecoin and Avalanche’s AVAX. However, the bulk of cryptocurrencies have no competitive advantages and serve no real-world function.
Even though it’s almost $11 billion market worth, Cryptwerk reports that just 43 companies globally accept Shiba Inu as payment. Long-term conviction is also lacking. According to Coinbase, the typical investor holds Shiba Inu for six days.
SHIB investors should grasp the reasons behind the fundamentals of Shibu Inu and invest in other major currencies with greater real-world uses and more consistent profits, according to renowned crypto analyst Simon Dedic.
Can’t wait for $SHIB investors to come to their mind and invest in solid high caps like $ETH, $ADA, $SOL or $DOT.
— Simon Dedic (@scoinaldo) October 11, 2021
Defraud Investor’s Out of Their Cryptos
Moreover, ShibaSwap does not contribute anything new to the Ethereum decentralized finance (DeFi) ecosystem. Because it runs on the Ethereum network, it has more use cases than Dogecoin, but it won’t perform better.
It’s a good thing Buterin contributed to two organizations that need to sell their ShibaSwap tokens quickly to keep the price low. The contributions gave prominence and legitimacy, but they will make ShibaSwap fight to regain its former glory.
Depositing cryptocurrencies into anonymous projects like ShibaSwap is particularly risky since the coding may enable developers to defraud investors out of their cryptos. Scams costing millions of dollars are becoming increasingly frequent in DeFi. But ShibaSwap hasn’t been audited yet. According to CoinMarketCap, the SHIBA INU price is $0.000029 USD with a 24-hour trading volume of $5,804,335,569 USD.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
