Despite declining conditions across the industry, the Shiba Inu (SHIB) was a notable exception over the weekend.
Meme coins have been facing significant reforms recently and the Shiba Inu (Shiva) is no exception. While the correction reflects general cryptocurrency market conditions, SHIB’s losses have been substantial, threatening its rank as one of the top 20 crypto assets. In 30 days, the Shiba Inu shed more than $1 billion from its market capitalization.
As of May 2023, Mem Coin had a market cap of $5.12 billion, a far cry from the $4 billion it is now per coinmarketcap. statistics, Also, its SHIB token declined by more than 15% during the same period. SHIB initially fell as low as $0.000005979. However, in an unexpected turn, the token price has now recovered to the level of $0.000007294.
The Shiba Inu Is Seeing Some Positivity in the Market
It should be noted that the Shiba Inu’s experience of the last 30 days is not unique to it alone. Virtually, every crypto asset saw huge losses as the crypto industry faced serious heat from regulators. It comes after the US Securities and Exchange Commission (secondsLawsuit filed against major crypto exchanges coinbase And binance,
To make matters worse, Shiba Inu and Dogecoin have also seen more competition in the past month. It’s like the new meme coin like WOJAK, pepeAnd Milady finds her way to the market.
However, despite declining conditions across the industry, the Shiba Inu (SHIB) was a notable exception over the weekend. Contrary to what was happening in the broader market, Mem Coin posted notable gains.
As of publication, Shiba Inu is up more than 1% in 24 hours, bringing its total weekly gains to 10.06%. And the recent jump in prices has also contributed positively to its ecosystem in a big way. For example, the percentage of SHIB holders at a loss has dropped from 91% to 88%. At the same time, about 10 percent are now earning profits from their investments.
On a broader note, there is much to be taken from the recent positive developments in the Shiba Inu network. Its bullish momentum is expected to attract investors towards the coin as they will see the positive sentiment as an opportunity for potential returns.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He firmly believes in the potential of digital assets and takes every opportunity to reiterate this. He is also an avid reader, a researcher, an astute speaker and a budding entrepreneur. Although away from crypto, Mayowa’s distractions include discussing soccer or world politics.
Bitcoin Crypto Related Post