- Total transaction volume decreased by 67.96 percent during the four months.
- Short-term gains in the crypto realm seldom persist.
Shiba Inu has been one of the most popular cryptocurrencies in the previous year and should be avoided in March and beyond. In 2021, the value of this meme currency surged by more than 46,000,000 percent. Shiba Inu is getting a lot of attention right now because of its rising popularity on social media, as well as the anticipated release of several enhancements and new Shiba Inu ecosystem features in the months and years to come.
Lacks Functionality and Distinction
On-chain transactions for Shiba Inu’s (SHIB) dog meme currency have been declining over the last four months, despite the token’s massive popularity in 2021. Data from the blockchain analytics website bloxy.info shows that in February 2022, there were 257,003 decentralized token transactions compared to 283,268 in January of the same year, a 9.27 percent reduction.
Total transaction volume decreased by 67.96 percent during the four months. However, the decrease from the month prior was less drastic. Specifically, there were 475,157 transactions in December 2021, which indicates that January had a 40.38 percent decline in activity.
Following its unprecedented rise in 2021, Shiba Inu has three key reasons to shun it. Short-term gains in the crypto realm seldom persist, based on history. According to research, most cryptocurrency payment currencies and protocol tokens returned 93% to 99% of their value in the first 12 to 26 months after a massive short-term gain.
To compete in an increasingly competitive market, it lacks the functionality and distinction required. The Shiba Inu payment currency, on the other hand, isn’t all that appealing to merchants. As of the beginning of March, Cryptwerk’s online business directory listed 641 primarily obscure online shops accepting SHIB as payment. In comparison, there are more than 500 million entrepreneurs on the globe. SHIB is a no-brainer for investors due to its lack of practical use.
