Shiba Inu has grown over the years to become one of the largest coins amidst many tokens fighting in the coin niche. Despite what many might call its OG status, Shiba Inu still faces many critics who believe the cryptocurrency could lose most of its value in the coming years.
On the other hand, a crypto investor known as Crypto King sees the vision and potential in SHIB that critics miss. In response to recent criticism of SHIB, Crypto King took to social media platform X to dispel claims about Shiba Inu. fall while also pointing out that “OG memes like $SHIB are destined to succeed.”
Major investor rejects claims SHIB is losing value
Crypto King’s recent post on social media platform X is a response to a coin reviewer. According to the reviewer, the majority of meme coins will lose value over the next few years, and only two or three of them will make it into the top 50 cryptocurrencies. Surprisingly, the reviewer estimates that Shiba Inu, which is currently the second largest meme token and 11th largest by market cap, will lose most of its $13 billion value.
SHIB market cap currently at $6.8 billion. Chart: TradingView.com
In response, King of Crypto said that those of this school of thought are those who do not yet know the market themselves. SHIB now finds itself listed on many centralized crypto exchanges all over the world, providing many retail traders with adequate exposure to the token. As a result, the investor believes that SHIB is more established than many critics may imagine. He also compared SHIB’s established status among meme coins to that of gold, versus a newly discovered crystal that isn’t worth much.
Shiba Inu to continue growing
Shiba Inu is home to a dynamic community ecosystem. Team members are constantly working to provide real-world utility to move from meme status. Over time, the development team built real, practical use cases based on this. ShibaSwap and Shibarium are some examples where SHIB provides utility.
SHIB is currently trading at $0.00002317 and has suffered a loss of 2.84% and 6.19% in the last 24 hours and seven days, respectively. According to IntoTheBlock’s Global In/Out Of The Money Metric, SHIB is currently sandwiched between a 12.7 trillion SHIB resistance wall and a 37.4 trillion SHIB support wall. The cryptocurrency could move one way or the other over the course of the week, but a crypto analyst Remarks that the $0.000023 price level is generally a demand zone for SHIB.
Featured image from Hundeo, chart from TradingView
