The time to be long of the Shiba Inu price was for a brief moment in May when the Crypto market was flying. SHIB is a sick puppy and may never recover.
Shiba Inu is last at $0.00000758, (+4.27%)
There are several reasons I try to not to write about Shiba Inu.
Firstly, there are far too many zeros in the price, which inevitably leads to typos. Secondly, I find it depressing trying to put a price target on something so hard to value.
No doubt, there will have been plenty of savvy people that made money on SHIB’s explosive price action in May. Timing it perfectly, riding the euphoria higher, and cashing out just before the party ended.
For every one of those, I would imagine there are hundreds, if not thousands more, that are underwater on their investment and hoping for a miracle.
2021, In a nutshell
The Shiba Inu story perfectly sums up 2021.
Traditional valuation metrics went out of the window this year. Struggling cinema chains and outdated computer game stores saw their stock prices trade at mind-bending multiples.
Altcoins followed suit, embarking on blistering parabolic rallies that pushed prices to dizzying heights.
To be clear, I don’t profess to be a developer and know very little about the utility or the addressable market of SHIB. It may be a good idea, a bad idea, middle of the road, or even a game-changer.
But, I have spent enough years behind a Bloomberg terminal to know that each boom and subsequent bust leaves a handful of survivors and a multitude of casualties.
Which may point to the fact that maybe i’m just too old to get it.
There will be some clear winners in the cryptocurrency space that will likely be around for a very long time. There are more that may be around, followed by plenty that probably won’t. And lastly, even more, that hang around for years without ever returning to the May highs.
SHIB price outlook
Honestly, I have no idea what the short to medium-term outlook is for SHIB. There may well be the odd chink of light and an occasional spike higher. It could even maintain a rally for a while if confidence returns to cryptocurrencies.
At this stage, it’s a tough task to contemplate what the future holds. The crypto market is at a crossroads for the time being and desperately needing a bullish catalyst.
However, when a bullish catalyst does arrive, I’m sure the Shiba army will be the first to let me know just how wrong I was.
Don’t miss a beat! Follow us on Telegram and Twitter.
Shiba Inu price chart (4-hour)
Follow Elliott on Twitter.