Shiba Inu (SHIB) fell more than 7% amid the broader cryptocurrency market crash. The dog-themed token has now crashed to its 2023 lows of $0.0000065. The unending price decline is causing distress among the investor community. The meme currency is down nearly 62% in a year, and the majority of holders are in losses.
Why Is Shiba Inu (SHIB) Crashing?
Shiba Inu is among the biggest losers in the cryptocurrency market this year. The crash comes after Bitcoin plummeted to the $74,600 range early Monday in a 6% downswing. Even BlackRock’s IBIT Bitcoin ETF has now turned red, giving institutional clients a taste of how harsh the cryptocurrency market can be.
Murmors of Bitcoin falling to the $50,000 level are now doing the rounds in the community circles. If BTC plunges to $50,000, Shiba Inu will be among the worst-hit tokens in the cryptocurrency market. Taking an entry position at this level is risky as SHIB is expected to further move south. Investments are most likely to erode in the coming weeks due to high selling pressure.
Also Read: Shiba Inu: How to Ride the Market Crash Without Panic
Apart from Bitcoin and Shiba Inu, Ripple’s XRP, Dogecoin, Cardano’s ADA, and Solana’s SOL have fallen nearly 5%. XRP fell to the $1.5 level, sending shivers that it could plummet below the $1 mark. The cryptocurrency market is at a turning point that could soon test the patience of investors. Even the US stock market indexes, Dow Jones, Nasdaq Composite, and the S&P 500 closed in the red on Friday.
The instability in the broader market has led to this crash, which is affecting Bitcoin and Shiba Inu. The decline also comes as Trump’s tariffs and trade wars are being escalated. Even leading commodities like gold and silver faced the axe of the market last week. If bigwigs are heading towards the red, then SHIB is a small fish in the ocean.
Credit: Source link
