Shiba Inu Gets Passed by TerraUSD Falling to15th Place

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Shiba Inu - Shiba Inu Gets Passed by TerraUSD Falling to15th Place

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Over the past seven days, Shiba Inu (SHIB-USD) has lost 4.4% of its value. Since the beginning of March, it’s off more than 12%. In the meantime, it’s fallen to the 15th spot in terms of market capitalization at $13.59 billion. 

In November 2021, SHIB-USD passed Dogecoin (DOGE-USD) to move into the 10th spot. Today, Dogecoin has a current market cap of $19.49 billion, 43% higher than its dog-inspired relative. In the last week, it was passed by TerraUSD (UST-USD), a decentralized stablecoin that runs on Ethereum (ETH-USD).

As Dandy Don Meridith used to say on Monday Night Football, “Turn out the lights, the party’s over.” Unfortunately, Shiba Inu’s shot at greatness looks to be done.

Several InvestorPlace contributors have written about Shibarium, the Layer 2 blockchain that will run the SHIB Metaverse. However, at the end of March, Chris Markoch discussed how the launch of Shibarium might have little impact on Shiba Inu’s price because Ethereum 2.0 will steal its thunder when it comes to low gas fees. 

Not to mention other cryptos are launching projects that have the potential to put the issue of high gas fees to bed permanently. One example is Bitgert (BRISE-USD). The blockchain launched in February. It can process 100,000 transactions per second at a gas fee of $0.00000001 per transaction. 

Although it has several projects on the go, I find its buyback concept to be the most intriguing. According to its whitepaper:

“$BRISE collects a 5% Buyback tax on each transaction, which is stored inside the contract. Whenever a sell occurs, a fraction of the buyback amount is used to automatically purchase tokens from the liquidity pool. Those tokens are immediately burned after purchase.”  

Warren Buffett’s always been a fan of buybacks because it’s a tax-free way to increase your ownership in a company without having to do anything. Trading at $0.00002453, Shiba Inu could use this. 

Ironically, some suggest Bitgert could breathe new life into Shiba Inu by providing SHIB-USD holders a bridge to move their assets to the Bitgert network and avoid high gas fees. 

The reality is that Shiba Inu is quickly becoming an also-ran in the cryptocurrency race. Before too long, it could be passed by Bitgert and knocked out of the top 20. 

Oh, how the mighty have fallen.

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/04/shiba-inu-gets-passed-by-terrausd-falling-to15th-place/.

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