Shiba Inu (SHIB), the renowned meme cryptocurrency, has lost a lot of value over the last three days and is now worth a mere $0.00001271. This is a remarkable 70% drop from its high point earlier this year. It is doing much worse than big players like Bitcoin and Ethereum.
The price of SHIB has gone down because people are becoming more concerned about the crypto business. The crypto fear and greed measure has dropped to 29, which is the lowest level since November of last year. This shows that investors are becoming more cautious.
Shiba Inu (SHIB) Market Influences
This drop is caused by things inside and outside of crypto. For example, stories of more Bitcoin being held on exchanges following events like the German government’s stance on regulation and Mt. Gox’s refunds.
SHIB’s issues have been made even worse by weak foundations. New data shows that demand has dropped significantly, and younger meme coins like Pepe and Dogwifhat are often trading more than SHIB. Today, $500 million worth of trades were made on Shiba Inu. Trades on Pepe and Dogwifhat were worth $1.3 billion and $913 million, respectively.
When it comes to dealing, other meme coins like Floki and Bonk are also doing better than SHIB.SHIB’s environment, which includes its Shibarium network and decentralized apps (dApps) like WoofSwap and ChewySwap that work with it, has also begun to show signs of stress.
Shibarium’s total value locked (TVL) has dropped a lot, from a high of $4 million earlier this year to just $1.39 million, according to data from DeFi Llama. In the same way, ShibaSwap’s assets have dropped from a high point of almost $2 billion in 2021 to just $18.97 million today.
Shiba Inu’s current situation is similar to larger market trends and shows unique problems in its own ecosystem. As the crypto world continues to change, the next few days will definitely be very important for SHIB’s future.
There is a lot of volatility in the cryptocurrency market, and this piece talks about the special problems meme coins face when investor sentiment and market dynamics change.
