The Shiba Inu cryptocurrency coin suffered a massive drop in value, and all of it is tied to the overall cryptocurrency market.
How much did Shib coin drop?
In October, Shiba Inu coin hit an all-time high of $0.00008845. But two days ago, the coin traded at 51.71% below that number, according to Benzinga.
What did Shiba Inu coin drop
According to Benzinga, the coin dropped in value because the entire cryptocurrency market fell in value.
- The cryptocurrency market dropped 1.38% overall.
Moreover, Shiba Inu coin did not inspire interest on Twitter, either. Cryptocurrency coins Bitcoin and Solana both saw more social media attention than Shiba Inu, according to Benzinga.
Is hype dead for Shiba Inu coin?
The meme-based cryptocurrency Shiba Inu coin has been dropping for a while now, as I wrote for the Deseret News. This has happened as the entire cryptocurrency market has dropped.
Alex Krüger, an independent market analyst, said Shiba Inu coin’s drop may be happening because interest in the coin has reached its limit, according to Coin Telegraph.
- Investors may have been selling off their coins because of the drop in value.
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