Cryptocurrency Decline: Shiba Inu and Dogecoin Under Pressure
As of October 2023, Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) have each witnessed declines of nearly 70% from their 52-week highs, amid a broader cryptocurrency market downturn where total market capitalization has dropped from a peak of $4.4 trillion to $2.4 trillion. Major coins, including Bitcoin, are down approximately 40% from their 52-week highs, with Bitcoin specifically falling 43%.
Only 1,144 businesses globally accept Shiba Inu as payment, and despite the launch of a Layer-2 blockchain solution called Shibarium in 2023 to improve transaction efficiency, adoption remains stagnant. Meanwhile, Dogecoin faces challenges with supply, as new units are continuously mined, leading to a potential near doubling of its supply over the next 30 years without a sustainable source of demand.
Overall, both tokens are struggling to establish themselves as viable forms of currency or stores of value, leaving analysts predicting further declines, with expectations that Shiba Inu could lose an additional 50% of its current value.
