According to a recent survey, Shiba Inu (SHIB-USD) investors in the United States are willing to sell the SHIB cryptocurrency. The research, done by the team behind the non-fungible token (NFT) project Los Muertos, looked at Google Trends data to see which crypto investors in each state are attempting to sell the most. The Shiba Inu coin topped the list of most sought names by potential sellers in 19 states.
In an email to InvestorPlace, Gonku, the inventor and designer of Los Muertos, claimed, “The cryptocurrency market has suffered the greatest drop in history this year, with values across all cryptocurrencies plummeting as a consequence.” “This research provides fascinating insight into where different cryptocurrencies may be traded throughout America, with Shiba Inus being the most popular to sell on the internet.” It would be fascinating to observe if these results are reflected in future pricing.”
Bears Close in on the Crypto Shiba
Since the previous Federal Reserve rate rise, the crypto markets have been dominated by bearish sentiment. And the Shiba Inu crypto isn’t immune either. Prices have been falling since last week, with no prospects of a quick recovery. This isn’t unique to SHIB, but given its recent performance, it’s understandable that investors would be eager to get out before values plummeted much more.
Shiba Inu was recently added to a list of cryptos to sell before they fell much higher, according to InvestorPlace member Omor Ibne Ehsan. Many investors, according to Los Muertos’ study, are willing to follow such suggestion. “The investigation found that Shiba Inu had the biggest number of states wishing to sell the cryptocoin, with a total of nineteen states, including Florida, Nevada, New York, and Tennessee,” according to a statement from Los Muertos obtained by InvestorPlace via email. Shiba Inu was one of the most heavily impacted currencies in the recent cryptomarket meltdown, but it is expected to return and reach $0.00015 in 2023. ”
The top seller interest in Bitcoin (BTC-USD) is in 17 states, including Oregon, Kansas, Illinois, and Pennsylvania. Dogecoin (DOGE-USD) came in third place, since it is the most frequently searched cryptocurrency for sale in eight states. With four and three states, respectively, Ethereum (ETH-USD) and Cardano (ADA-USD) round out the list.
What Does It Mean?
This creates a fascinating conundrum. It’s understandable that, in the midst of a terrible crypto meltdown, investors would want to sell a meme currency with no real-world use. That is also true of Dogecoin, the original meme token, which has stayed relevant mostly due to Elon Musk. If investors see cryptocurrency as a risky investment, meme coins will be the most dangerous of all. According to a recent poll by market research company Finder, 70% of experts believe the Shiba Inu cryptocurrency would be worth $0 by 2030.
However, Bitcoin is the cryptocurrency market’s leader and the biggest by market capitalization. Other prominent cryptos follow Bitcoin’s lead. Cardano isn’t far behind Ethereum in terms of market capitalization. BTC’s trust is rapidly eroding, but many investors still see ETH and ADA as more secure assets.
This might be due to the fact that both cryptos still seem to be useful. “An expanding NFT marketplace, rising transaction throughput speeds, and a research alliance… might lead to favorable developments for Cardano,” according to InvestorPlace writer Alex Sirois. And Ethereum’s 2.0 update has been praised for enhancing utility while lowering energy consumption.
Shiba Inu cryptocurrency price forecasts remain positive. But it’s evident that investors aren’t willing to take any risks right now.