February 25, 2024

Shiba Inu was expected to be a huge hit among crypto enthusiasts this year. Especially as the meme coin network promised many developments to its investors.

However, market volatility has led investors to worry about their main purpose of investing in a coin like SHIB – profits.

Shiba Inu and her failed attempts

The altcoin has been very aggressive in terms of development since the announcement of the CCG game Shiba Eternity. Another important development was the inclusion of meme coin in the list of supported tokens for the Binance Card, as reported by AMBCrypto. Unfortunately, none of these events catapulted SHIB into the charts.

This may be because, despite the cryptocurrency market recovering its valuation of over $1 trillion, it is still gripped by fear. Especially since investors are not sure what might happen next.

Of course, money will only flow into assets that investors have faith in. Needless to say, meme coins don’t particularly fall into this cohort.

SHIB’s ups and downs have been a matter of concern for a long time. So, as long as Phobos persists, it won’t find many takers.

This is the same reason that in almost a month and a half, the demand for cryptocurrencies has not increased at all. The low buying pressure for the meme coin is the reason why during the same time period, SHIB did not move at all.

While ETH rose by more than 75% during that period, SHIB, at the time of publication, was still at its June 25th price level.

Shiba Inu honor action | Source: TradingView – AMBCrypto

To make matters worse, Shiba Inu has maintained a high correlation of 0.9 with Bitcoin for about two weeks now. This may also have contributed to the lack of growth.

In fact, Bitcoin is up less than 26% from June lows to trade at $23k on the price charts.

Shiba Inu Correlation with Bitcoin | Source: Intotheblock – AMBCrypto

Therefore, if SHIB aligns its trajectory with BTC, the chances of a rally will only decrease in the future.

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