Down 87%, $SHIB Inu Is Plummeting: Is It a Better Buy Than $BTC Right Now Down 87%, Shiba Inu Is Plummeting: Is It a Better Buy Than Bitcoin Right Now?

$SHIB Inu (CRYPTO: #Shibalnu ) has amassed a following among a certain group of cryptocurrency enthusiasts who value community and follow the hype. It probably helps that #shiba Inu's price has climbed astronomically since its launch in August 2020, despite the extreme volatility.

As of April 17, this meme token is trading for a gut-wrenching 87% below its all-time high. That record was established in October 2021, at the tail end of a strong run for both stocks and cryptocurrencies. Speculative investors could be eyeing the current situation as an opportunity to be more aggressive.

Where to invest $1,000 right now?

But is #SHİBA Inu a better buy than #bitcoin  (CRYPTO: #BTC ), the world's oldest and most valuable crypto, right now? It's time to compare the two digital assets.

Shiba Inu currently carries a market cap of about $7 billion. To its credit, a Layer-2 scaling solution called Shibarium was launched to enable faster and cheaper transactions. There are also metaverse updates in the works.

Although it has a relatively large market value, the cryptocurrency doesn't have any competitive strengths. It was built on top of the Ethereum network, meaning it doesn't stand out from a technical perspective. And according to venture firm Electric Capital, Shiba Inu doesn't even crack the top-100 list of cryptos with the most developers working on them.

Given that there are more compelling blockchains out there, especially for decentralized applications, Shiba Inu's real-world utility probably isn't anything to write home about.

The price has moved based on various hype cycles, which presents a very risky proposition for true investors, as cryptocurrencies depend on their communities of supporters to keep them relevant. This argument is valid, I think, but eventually the excitement will fade away unless there are positive developments.