Shiba Inu Coin Plummets 70 Anxiety Strikes Shib Army
The Shiba Inu cryptocurrency has experienced a significant downturn, with its value declining for three consecutive days. The price plummeted to a mere **$0.00001271**, marking the lowest point since the beginning of March. This represents a drastic 70% fall from its annual peak, underperforming when compared to leading cryptocurrencies such as Bitcoin and Ethereum.
**Market Sentiment Sours Amidst Crypto Volatility**
The downturn in Shiba Inu’s value is attributed to the growing apprehension within the cryptocurrency market. The Crypto Fear and Greed Index has fallen to a level of 29, indicating a sentiment not seen since the previous November. A mix of internal and external factors has fueled this downturn, including increased Bitcoin holdings on exchanges amidst discussions surrounding the German government and the anticipated Mt. Gox repayments.
**Competition Intensifies**
Another contributing factor to SHIB’s declining price is its weakening fundamentals. Trading volumes for SHIB have been eclipsed by emerging meme coins such as Pepe and Dogwifhat. Shiba Inu’s trading volume stood at $500 million, while Pepe and Dogwifhat boasted volumes of $1.3 billion and $913 million, respectively. Similarly, other meme coins like Floki and Bonk have recorded higher trading volumes than SHIB.
Shiba Inu’s proprietary Shibarium network is also struggling. According to DeFi Llama, Shibarium’s total value locked (TVL) has dwindled from a high of $4 million earlier this year to just $1.39 million. Decentralized applications (dApps) on the Shibarium network, including WoofSwap, ChewySwap, Marswap, and DogSwap, have all witnessed their TVLs shrink by over 40% in the last month.
*Source: DeFi Llama*
In a similar vein, the assets held in ShibaSwap have decreased significantly to $18.97 million, a steep decline from the nearly $2 billion zenith in 2021.
*Source: DeFi Llama*
The current state of Shiba Inu mirrors the larger market dynamics and specific obstacles faced within the SHIB ecosystem. The forthcoming period will be pivotal for the trajectory of this meme coin.
**Further Reading:**
– Explore 3 meme coins that could potentially yield gains of up to 2000%.
**Tags:**
– Meme Coins
– Shiba Inu (SHIB)