Monday, April 22, 2024

Dogecoin’s Collapse Has a Lesson For Shiba Inu Investors

The truth is the expectations set by Dogecoin (DOGE) when it came to consumer adoption and price were lofty and it failed to meet them. It’s down by over 60 percent from its record-breaking high. Shiba Inu, another decentralized token with a market cap of US $36.0 billion and an eight-figure percentage rise in a year, could also face a similar fate as its compeer.

But before that happens, Shiba Inu can learn something from Dogecoin. If Shiba Inu does not adopt, its profits will likely decline. Many noted personalities on social media have been engaged in the Dogecoin debate. This sometimes pushes the price higher. However, Dogecoin failed to live up to its worth as an actual currency and has become a payment method of around 1,930 obscure merchants. Widespread consumer adoption is a hard adventure for the cryptocurrency.

Compared to Dogecoin, Shiba Inu is used by just 110 merchants, 40 percent of who are crypto-oriented service providers. The token doesn’t enjoy an impressive log of daily transactions either. Bitcoin has undoubtedly set the bar high at 235,000 in 24 hours, and Shiba Inu is far from it.

So, it doesn’t seem that many people would prefer to use Shiba Inu at their shopping centers like they would use Bitcoin (BTC). At least, not any time soon. As a matter of fact, Shiba Inu is worse than Dogecoin when their adoption rates are compared, but nobody knows what the future holds. For investors, there are better alternatives to try now. But the crypto world is dynamic and things change at the drop of a hat. The real performance of these cryptocurrencies as real currencies will only become evident in the long run.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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