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Shiba Inu is expected to be a big hit among crypto enthusiasts this year. Especially when the meme coin network promises a lot of development to its investors.

However, the volatility in the market has led investors to worry about the main purpose of their investments in tokens like SHIB – profit.

Shiba Inu and its failed efforts

The altcoin has been very active in development following the announcement of its CCG game Shiba Eternity. Another major development, as reported by AMBCrypto, is the inclusion of meme coins in the Binance Card supported tokens list. Unfortunately, none of these events trigger the SHIB on the chart.

This may be because while the crypto market has regained a valuation of over $1 trillion, it is still beset by fear. Especially since investors aren’t sure what’s coming next.

Naturally, money will only flow into assets that investors trust. Needless to say, meme coins don’t particularly fall into this category.

The ups and downs of SHIB have been a matter of concern. So as long as fear persists, it won’t find many recipients.

This is why in almost a month and a half, the demand for cryptocurrencies has not increased at all. The low buying pressure of meme coins is the reason why SHIB has not moved at all during the same period.

While ETH is up more than 75% during the aforementioned period, SHIB is still at its June 25 price level at press time.

Shiba Inu Price Trend | Source: TradingView – AMBCrypto

To make matters worse, the Shiba Inu correlation with Bitcoin has remained high at 0.9 for about two weeks. It could also lead to sluggish growth.

In fact, Bitcoin is up just under 26% from its June lows to hit $23,000 on the price chart.

Correlation between Shiba Inu and Bitcoin | Resources: Intotheblock – AMBCrypto

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



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