The Shiba Inu or SHIB coin as it is listed on many cryptocurrency exchanges such as Binance, saw a dramatic dip in its value earlier in May when the Crypto market took a turn for the worse.
The market dip affected major stable coins such as Bitcoin, Ethereum, ADA and more. It has been a tumultuous few weeks with only some lessening in volatility shown in the last 24 hours where BTC seems to be stabilizing above the $35,000 mark.
With that said, the other popular stable coins are also showing positive progress with their prices rising back up albeit not to their previous all-time highs.
Now that there is some positive news for long-term cryptocurrency investors, there is still the question about how the newer coins such as Shiba Inu and its likes will fair in 2021. This is a new coin and it was quite clear that their target demographic were new investors much like its brother the Dogecoin. But with new investors who are not familiar with the volatility of cryptocurrency, would have saw the recent dips as quite frightening and caused some eager sales the past week. This has left the trading volume of such new coins quite low over the past few weeks.
While the memefied SHIB coin has shown its worth thanks to the Ethereum creator donating billions of it for COVID relief funds in India, it still would have long term investors wondering if its a stable investment to pick up during this low point or would it be better to grab the more stable coins since they are at their lows too.
In the past we have seen that if the big coins are on their way up, the small ones tend to see some positive gains as well. So with SHIB that has its popularity still backing it, it may still have a chance to make some gains. The next few days would be the best time to test this theory.