A new report suggests that no. 2 memecoin Shiba Inu (SHIB) is heading for heavy losses this year, with a majority of market participants indicating “sell”.

A report from blockchain data firm Finder found that 73% of panelists polled in a survey believed traders should sell SHIB. Finder surveyed 36 fintech specialists through April.

The general consensus is that SHIB will gradually lose value through 2022 and will be close to zero by 2030.

The token is already trading well below the report’s forecasted level for late 2022. SHIB now stands at $0.00001236, while the Finder report expects the token to yield $0.00001875. But this expectation also predates the recent crypto crash, with SHIB dropping to its lowest level since late 2021.

SHIB is down 1.7% in the last 24 hours and has lost 63% of its value so far this year.

Why should you sell SHIB?

Analysts polled by Finder generally agreed that memecoins like SHIB were of little use, while their prices were supported by hype.

This market is maturing and things like SHIB will die as capital starts flowing into quality and value instead of being scattered around the field in the hopes that each player will win a prize.

Matthew Harry, head of funds at DigitalX Asset Management, told Finder

With market-changing events, such as the recent Terra crash, investors may become more critical of what they are buying. Rising inflation and interest rates are also expected to reduce liquidity, which played a major role in SHIB’s rally through 2021.

According to Finder, technical indicators are also pointing to the sale of the no.2 memecoin. SHIB is expected to collapse to $0.0000025 by 2025 and be valued at nearly zero by 2030.

Can Shiba Inu add a utility?

The project has made some attempts to introduce utility into its ecosystem. Earlier this year, SHIB launched a new metaverse and began selling virtual land that could provide strike rewards.

The platform has also introduced NFTs and tokens that can be used directly on the blockchain.

But Finder analysts believe that despite these efforts, “hype” is expected to drive the token’s gains through 2022. And with markets currently under severe pressure, it can be hard to get hyped.

The token also still has its believers. Recent data shows that ETH whales are consistently accumulating the token at lower levels.

With over five years of experience in global financial markets, Ambar plans to leverage this knowledge for the fast-growing world of crypto and DeFi. His main interest lies in finding out how geopolitical developments could affect crypto markets and what that could mean for your bitcoin holdings. When he’s not scouring the internet for the latest news, you can play him video games or watch Seinfeld reruns. You can reach him at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

This post Sell ​​signals are flashing red for Shiba Inu (SHIB), here’s why:

was published first on https://coingape.com/sell-signals-flash-red-for-shiba-inu-shib-heres-why/


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