Facebook Twitter

Why is the Shib coin token in decline?

It appears the Shiba Inu coin token might be in decline.

SHARE Why is the Shib coin token in decline?
An illustration that shows a dog catching a coin.

A dog catching a coin.

Illustration by Alex Cochran, Deseret News

The Shiba Inu token has been facing a decline in recent weeks, but apparently, the drop-off hasn’t reached its conclusion.

Why is the Shib coin token in decline?

Per FX Street, the cryptocurrency market is suffering a huge decline in recent weeks. There could be a small rebound before the coins drop to another decline soon.

  • As for Shiba Inu coin, the token hasn’t reached its worst low yet. The next wave of the coin’s value cycle might make it drop off again, according to FX Street.
  • The token “hasn’t reached new lows yet, so watch out for more weakness,” FX Street reports.

How much have Shiba Inu coins dropped off?

The Shiba Inu coin token has lost 83% of its value since its all-time high, according to CoinMarketCap.com, which often reports on cryptocurrency trends.

  • The Shib coin token cryptocurrency is now worth close to $0.000006103 — a major drop from its all-time high of $0.00003641, which happened on May 11.

Is there hope for Shiba Inu coin tokens?

According to Benzinga, there is some hope for the coin to rise again. Developers are still working to produce and trade more of the Shiba Inu coin tokens, so there’s always a chance that it will rise again.

  • “Despite these favorable developments, the coin’s price continues to tumble downwards, and its chart looks rather bearish,” according to Benzinga.