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Tuesday, August 9, 2022

Why Is Shiba Inu Coin Crashing Today? – Shiba Inu ($SHIB)

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Shiba Inu (CRYPTO: SHIB) traded 7.37% lower over 24 hours at $0.00004272 early Thursday.

What’s Moving? The token has risen 5.05% over a seven-day trailing period. 

SHIB fell 7.07% and 3.68% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), respectively, over 24 hours.

Over a period of 90 days, SHIB has gained 504.08%, while it has fallen 39.02% over a 30-day period.

The Ethereum-based token touched its all-time high of $0.00008845 in late October. At press time, it traded 51.71% below that level.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? SHIB, which describes itself as Dogecoin (CRYPTO: DOGE)-killer, fell in tandem with other major coins at press time as the global cryptocurrency market cap decreased 1.38% to $2.60 trillion.

SHIB did not attract high interest on Twitter at press time. It was mentioned in 317 tweets, as per Cointrendz data.

The most mentioned coins Bitcoin and Solana attracted 943 and 884 tweets, respectively. 

The latest rally in SHIB, prompted by its listing on the major cryptocurrency exchange Kraken, is petering out.

On Wednesday, Newegg Commerce Inc (NASDAQ:NEGG), which said it would integrate SHIB for payments Tuesday, put up an outdoor billboard in downtown Los Angeles featuring the SHIB mascot.

In a statement, Newegg said it would accept SHIB as a form of payment on its website in time for the holidays.

“The Wolf of Wall Street,” Jordan Belfort, said cryptocurrencies such as DOGE and SHIB have “no value and no use.” Belfort said creators of such coins “should go to jail.”

Read Next: Beyond-ETH Rally: Polygon And Solana Strike Big Gains Following Ethereum’s Outperformance Of Bitcoin

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