Shiba Inu Coin Tanks and Gets Flipped by AVAX Even as Widespread Adoption Grows

Lisa Goetz

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The price of Shiba Inu coin, named for the beloved Japanese hunting dog, has dropped in spite of an expected altcoin season bounce.Evgeny Tchebotarev/Pexels

November 2021 was supposed to be altcoin season spurred by the much-anticipated meteoric rise of bitcoin to $100,000 by Nov. or Dec. of this year. In an unexpected turn, the price of bitcoin has dropped to $57,641 as of publication, hovering between $56,000 and $59,000 and taking down the price of most altcoins with it.

Bitcoin flirted with $70,000 having reached $68,519 on Nov. 8 and $68,628 on Nov. 10, according to data published on CoinDesk. Much of the frenzy surrounding bitcoin’s potential rise to $100,000 has been fueled by leading cryptocurrency influencers MicroStrategy CEO Michael Saylor and cryptocurrency enthusiast PlanB. Both influencers have over 1.5 million Twitter followers.

Shiba Inu coin owners and fans hoped the token would revisit its all-time high of .000088 and possibly drop a zero during November, but the exact opposite has happened. In spite of big wins such as being listed on leading exchanges such as Gemini and Public.com in the United States, Coin Hako in Singapore, and CoinDCX in India, the price has continued to drop.

As of publication, the price of Shiba Inu coin sits at $.00004489, according to data published on CoinGecko. A break to the downside could spell disaster for token holders with low risk tolerance.

Another big win for Shiba Inu coin that has not yet had an impact on price is AMC CEO Adam Aron advocating for the token’s acceptance as a form of payment at AMC movie theaters. In a surprise move, cryptocurrency payment platform BitPay agreed to add the token to allow moviegoers to use Shib as a form of payment within the next two months.

The bold move could prompt more mainstream companies such as Newegg to allow customers to pay with shib. Widespread adoption along with the popularity of token burning initiatives are viewed as catalysts that could drive up the price of Shiba token eventually.

When considering investment in any asset such as cryptocurrency, always do your own research (DYOR). Never invest more money in any asset than you can afford to lose.

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Lisa Goetz writes cryptocurrency news, analysis and opinion. A freelance journalist with 11 years of experience, Goetz's articles have been featured in USA Today, San Francisco Chronicle, Seattle Post-Intelligencer, and the Houston Chronicle.

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