Shiba Inu (SHIB), the second-largest memecoin, is set to lose a lot of money this year, with the majority of market players signaling “sell.” A new report shows.
According to research by blockchain data firm Finder, 73% of panelists polled in a survey believe traders should sell SHIB. Through April, Finder surveyed 36 fintech experts.
The general agreement is that SHIB is expected to lose value gradually through 2022 and be worth near zero by 2030.
The token is currently trading at a significant discount to the report’s end-of-year forecast. SHIB is currently trading at $0.00001236, with a forecast of $0.00001875 in the Finder report. However, this forecast was made before the recent cryptocurrency crash, which sent SHIB to its lowest level since late-2021.
SHIB has lost 63% of its value this year and is down 1.7% in the last 24 hours.
Why would you want to sell SHIB?
Analysts polled by Finder agreed that meme coins like SHIB had little utility and that their prices were inflated by hype.
This market is maturing and things like SHIB will die as capital begins to flow to quality and value rather than being scattered across the field in the hope that every player wins a prize.
DigitalX Asset Management head of funds Matthew Harry told Finder
Investors may become more selective with what they buy as a result of market-changing events like Terra’s recent crash. Inflation and interest rates are predicted to rise, reducing liquidity, which was a major factor in the SHIB’s surge through 2021.
Technical signs, according to Finder, also point to selling the no. 2 memecoin. SHIB is expected to fall to $0.0000025 by 2025, and it will be worth almost zero by 2030.
Can Shiba Inu be valuable?
The project has attempted to incorporate utilities into its environment in the past. SHIB had launched a new metaverse earlier this year and began selling virtual land with staking rewards.
The platform has also introduced NFTs and tokens that provide utility directly on its blockchain.
Despite these attempts, Finder experts believe that “hype” will mostly drive the token’s gains through 2022. And, given the current harsh pressure on the markets, they may be hard to come by.
The token still has its supporters. Recent data reveals that ETH whales are continually accumulating cryptocurrency at lower levels.