Last updated on May 18th, 2024 at 11:58 am
Trending meme coin Shiba Inu (SHIB) reportedly loses around 40% of its market value amid the crypto regulatory scrutiny. The coin which was once referred to as the “Dogecoin Killer” is currently having a hard time maintaining its value as the SEC crackdown continues.
SHIB has lost around 40% of its value, dropping to a price of $0.000006 and reducing the asset’s profitability to a pitiful 7%, making it one of the least useful tokens on the market at the moment.
The SEC’s crackdown on top crypto firms continues to leave a negative effect on the price of crypto in the market. Shiba Inu (SHIB) is one token that seems to be very much on the receiving end.
As the legal dispute intensifies, investors are beginning to sell off their digital assets which has led to an overall dip in the market. Shiba Inu’s selling volume has significantly increased showing a potential bearish market.
Advertisement
The increase in its selling activities further points to the fact that SHIB is a highly volatile asset and is difficult to hold on to. Shiba Inu had previously exhibited amazing resilience in terms of market performance.
Related Reading: Dormant Shiba Inu Whale Makes 200% Profit Moving Over 499 Billion SHIB to Hotbit
During the 2021 bull run, it outperformed predictions by gaining more than 2,000,000%. Its enormous surge, as well as the hype around the token, drew substantial market attention. However, market factors in recent years appear to be working against it.
Furthermore, it is important to remember that the crypto market is very volatile, and Shiba Inu, though looking not hopeful in the short term, might turn around and regain its value tomorrow.
As the Securities and Exchange Commission continues its argument with crypto firms, the market uncertainties might ease up and see certain cryptocurrencies regain their positions.
Shiba Inu (SHIB) price today
Live data from CoinMarketCap shows that the price of SHIB today is $0.00000659. Shiba Inu is down 1.44% in the last 24 hours, loses about 40% of its value. What’s more, SHIB is ranked #18 on the CoinMarketCap chart with a live market cap of $3,865,205,612.
Source: CoinMarketCap
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.