Why Is Shiba Inu Price Going Down?
The cryptocurrency world can be unpredictable, and Shiba Inu is no exception. Recently, its price took a steep dive, leaving investors scratching their heads. While Bitcoin and other altcoins also faced a downturn, Shiba Inu's reversal has caught a lot of attention. In this Shiba Inu Price Prediction article, well break down whats happening, explore the reasons behind the drop, and discuss what it could mean for the future of this popular meme coin.
How has the Shiba Inu Price Moved Recently?
Shiba Inu's price currently stands at $0.00002672, with a 24-hour trading volume of $4,820,000,000, a market cap of $15,740,000,000, and a market dominance of 0.45%. Over the past 24 hours, SHIB has experienced a decline of 13.03%.
The token reached its all-time high of $0.00008819 on October 28, 2021, while its lowest recorded price was $0.0000000005637 on November 28, 2020. Since hitting its peak, the lowest SHIB price recorded was $0.00005821 (cycle low), and the highest rebound since then reached $0.00004501 (cycle high). The current sentiment around SHIBs price prediction remains bullish, with the Fear & Greed Index showing a score of 78, indicating "Extreme Greed."
Shiba Inus circulating supply is 589,260,000,000,000 SHIB out of a maximum supply of 589,740,000,000,000 SHIB. The yearly supply inflation rate is -0.02%, reflecting a reduction of 91,350,000,000 SHIB over the past year.
Why Is Shiba Inu Price Going Down?
The recent announcement by Google regarding its groundbreaking Willow quantum chip has sent ripples across the cryptocurrency market, including Shiba Inu (SHIB). Willows computational capabilities, performing tasks in under five minutes that would otherwise take a supercomputer 10 septillion years, pose a theoretical challenge to traditional cryptographic systems like those underpinning Bitcoin.
Given that Bitcoin serves as a market leader and its price often dictates the direction of other cryptocurrencies, its sharp downturn has directly impacted SHIB and similar altcoins.
Shiba Inus price decline reflects broader market sentiment driven by uncertainty about how quantum advancements might disrupt cryptographic security. Bitcoin relies on cryptographic difficulty adjustments, often exceeding five minutes, which could theoretically be compromised by such quantum technology.
Even though Willows impact is purely speculative at this stage, the fear of potential vulnerabilities in blockchain security has prompted widespread sell-offs across the market, dragging SHIBs price down alongside Bitcoin.
Shiba Inu Price Prediction: Whats Next for SHIB?
In the short term, SHIBs price is likely to remain under pressure as the broader market reacts to the implications of quantum computing advancements. Investors may adopt a risk-averse strategy, pulling funds from high-volatility assets like SHIB. The focus will shift to how blockchain projects, including Shiba Inu, address the long-term security risks posed by quantum computing.
However, this could also pave the way for innovation within the cryptocurrency space. Projects that demonstrate adaptability, such as implementing quantum-resistant cryptography, may regain investor confidence and stabilize. For SHIB, its recovery will heavily depend on Bitcoin's ability to weather the current uncertainty, as well as Shiba Inus broader ecosystem development to provide a value proposition beyond speculation.
While the announcement of Willow has shaken the market, the potential for blockchain innovation remains strong. As fear subsides and the industry adapts to address these challenges, SHIB and similar assets may find opportunities to rebound, particularly if they can align themselves with emerging quantum-resilient technologies.
Read more: https://cryptoticker.io/en/why-is-shiba-inu-price-going-down/
Text source: CryptoTicker
