Shiba Inu coin — a meme-based cryptocurrency token — skyrocketed to new levels last week before taking a big dip, showing to the volatility of cryptocurrency.
What happened to SHIB coin?
- The Shib coin jumped by 35% in value right after, according to Mint, which monitors financial and cryptocurrency news.
Why Shiba Inu coin might not grow again
- When Shib coin was listed on Coinbase Pro, it jumped 28.87% growth in just one day. Still, Shiba Inu coin could not surpass the 0.00001010 value it has been under since May when hype for the coin was high.
At that point, Shib coin investors sold all of their coins, which hurt the value, too.
- “This kind of behavior is the exact reason why SHIB is an untrustworthy asset because it is literally treated like a pump and dump asset. The instances observed yesterday are similar to what we saw at the beginning of the July rally,” according to AMB Crypto.