Introduction
The Shiba Inu token, popularly known as SHIB, has been one of the most talked-about meme coins in the cryptocurrency space. It gained massive popularity in May 2021 after it was listed on Binance, one of the world’s largest cryptocurrency exchanges. However, since hitting its year-to-date highs in early February, the token has been experiencing a continued decline. In the past three days, SHIB lost the psychological support level of $0.00001000, and its current price is $0.00000889, representing an 11% fall in this duration.
SHIB’s Ongoing Decline
The decline in SHIB’s price can be attributed to various factors, including the overall market sentiments and the increasing competition from other meme coins. Many investors have been selling their SHIB holdings to take profits or invest in other cryptocurrencies that have better prospects. Additionally, the increasing regulatory scrutiny on the cryptocurrency space has also affected the token’s price negatively.
Moreover, SHIB’s massive supply of 1 quadrillion tokens has also contributed to its declining price. Although the token’s low price per unit may seem attractive to some investors, the overall market cap remains high, making it challenging for the token to gain significant price appreciation. Furthermore, the token’s value is also affected by the trading volume, which has been declining in recent months, indicating a lack of demand from investors.
SHIB’s Recent Price Movement
In the past three days, SHIB has lost the psychological support level of $0.00001000, falling by 11%. The token’s current price of $0.00000889 is a clear indication of the ongoing decline in its value. SHIB’s price movement in the past few months has been characterized by a series of lower highs and lower lows, indicating a bearish trend. The token’s current price is a far cry from its year-to-date high of $0.00003791, which it hit in early February.
Conclusion
The Shiba Inu token, popularly known as SHIB, has been experiencing a continued decline in its price since hitting its year-to-date highs in early February. In the past three days, the token lost the psychological support level of $0.00001000, falling by 11%. The decline in SHIB’s price can be attributed to various factors, including the overall market sentiments, increasing competition from other meme coins, regulatory scrutiny, and the token’s massive supply. SHIB’s current price of $0.00000889 is a clear indication of the bearish trend in its price movement, and investors should exercise caution while investing in the token.
