A recent study has revealed that Shiba Inu (SHIB-USD) US investors are eager to sell the SHIB cryptocurrency. The study, conducted by the team behind the Los Muertos non-fungible token (NFT) project, analyzed data from Google Trends to determine which crypto investors are trying to sell the most in each state. In 19 states, the Shiba Inu cryptocurrency ranked #1 as the most searched for name by potential sellers.
“The cryptocurrency market has experienced the biggest drop in history this year, and prices of all cryptocurrencies are down as a result,” Los Muertos founder and creator Gonku stated in an email to Investor Place. “This study provides incredible insight into where various cryptocurrencies are potentially being sold across the United States, with Shiba Inu being the most popular to sell on the internet. It will be interesting to see if these findings will be reflected in future prices.”
Bears Approach Shiba Inu Crypto
Bearish energy has been clouding the crypto markets since the latest Federal Reserve rate hike. And the Shiba Inu crypto is certainly not immune. Prices have slumped since last week and show no signs of recovery any time soon. This isn’t unique to SHIB, but considering its recent performance, it’s no surprise that investors are desperate to jump ship before prices drop further.
Investor Place Contributor Omor Ibne Ehsan recently placed the Shiba Inu on a list of cryptocurrencies to sell before they skyrocketed further. According to Los Muertos research, many investors are eager to heed that advice. According to a statement from Los Muertos received by Investor Place via email,
“The analysis revealed that the Shiba Inu had the most states that wanted to sell the cryptocurrency with a total of nineteen states, including Florida, Nevada, New York, and Tennessee. Shiba Inu is one of the coins most affected by the recent crypto market crash, however, the coin has been forecast to recover and rise to $0.00015 in 2023.”
Next on the list is Bitcoin (USD-BTC), with best-selling interests in 17 states, including Oregon, Kansas, Illinois and Pennsylvania. doecoin (DOGE-USD) ranked third as it is the most sought after crypto to sell in eight states. Ethereal (ETH-USD) Y Cardano (USD-ADA) complete the list, with four and three states, respectively.
This presents an interesting paradox. It’s no surprise that investors want to sell a meme coin with little real-world utility in the midst of a severe crypto crisis. That also goes for Dogecoin, the first meme token, which has stayed relevant mainly because of Elon Musk. If investors see crypto as an unstable investment, they will see meme coins as the biggest risk of all. A survey by market research firm Finder recently revealed that 70% of experts see the Shiba Inu cryptocurrency reaching $0 by 2030.
But Bitcoin is the crypto market leader and the largest by market cap. Where Bitcoin goes, so do other major cryptocurrencies. Ethereum has the second largest market cap, and Cardano is not far behind. Confidence in BTC is rapidly declining, but many investors still consider ETH and ADA to be more stable investments.
This may be because both cryptos still appear to have significant utility. What Investor Place Contributor Alex Sirois noted: “An emerging NFT market, increased transaction processing speeds, and a research partnership…could lead to positive developments for Cardano.” And Ethereum has received praise for its 2.0 update, which is credited with increasing utility and reducing power usage.
Price predictions for Shiba Inu cryptocurrencies are still quite bullish. But it is clear that at this point, investors do not want to take risks.
As of the date of publication, Samuel O’Brient did not have (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publishing Guidelines.