Shiba Inu Down 7.4% in the past 30 days. Is there a chance for a comeback?

Shiba Inu Down 7.4% in the past 30 days. Is there a chance for a comeback?

Over the past 30 days, the price of Shiba Inu (SHIB) has declined by 7.4%, according to data from Coinmarketcap. The coin has also dropped to the 15th position on the cryptocurrency list.

Notably, the crypto market has been experiencing fluctuations in recent times. For instance, the bitcoin dominance is down 0.14% over the day. When Bitcoin’s dominance dwindles, altcoins like SHIB typically lose market share and value compared to Bitcoin.

Apart from the impact of the global cryptocurrency market price on the coin, Shiba Inu has been trying to lose a zero for the past 18 months. Many community members have expressed concern about the token’s price trends.

Related Reading: SHIB Burn Rate Skyrocket With 384% Increase: What Does This Mean For Shiba Inu?

Shiba Inu Price Movement

Shiba Inu’s price has gradually dropped over the last 30 days; at the beginning of the month, it was about $0.0000108. On April 16, the token rose and reached a monthly high of $0.0000117; however, it later fell.

SHIB’s price has changed numerous times during the last month; as of this writing, it is currently worth 0.0000100. This is a drop of 7.4% over the course of 30 days. 

Shiba Inu (SHIB) Is down 7.4% in 30 days. Source: @Coinmarketcap

Is There a Possible Comeback For SHIB in May?

A few factors can cause an increase in the price of Shiba Inu. The top of which will be the launch of Shibarium, the long-awaited layer-2 blockchain dedicated to the Shiba Inu ecosystem. Notably, the layer-2 Shibarium network of Shiba Inu will likely encourage token burning, which could drive up the price of the SHIB token as this could spark a fresh wave of consumer demand.

A good effect on the SHIB price may also result from recent changes in the Shiba Inu ecosystem. For instance, the inclusion of a variety of cutting-edge technologies, such as developing a personalized cold wallet to enhance the Shiba Inu ecosystem’s functionality, can dramatically improve it.

The Shiba Inu network’s involvement in the growing metaverse is gaining popularity. During the NAB convention, Shiba Inu’s metaverse advisor, Jastrow, recently announced that SHIB: The Metaverse had piqued Hollywood’s interest. Although the crypto space is volatile, these developments and others in the Shiba Inu ecosystem could result in a significant comeback for SHIB this month.

Read Also: Shiba Inu: Marcie Jastrow to Attend Ongoing Consensus 2023

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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