Shiba Inu Crashes 70%: Fear Grips Shib Army
Release: 2024/07/06 02:04 Reading: 759
Shiba Inu Plunges 70%: Fear Ripples Through Shib Community
Shiba Inu's value has plummeted for three consecutive days, hitting a low of $0.00001271—its lowest point since March 1st. This represents a staggering 70% decline from its peak this year, significantly underperforming major cryptocurrencies like Bitcoin and Ethereum.
Crypto Fear and Greed Index Dampens Sentiment
Shib's price drop has been fueled by rising trepidation within the cryptocurrency industry. The crypto fear and greed index has plummeted to 29, its lowest since November 2022. Various internal and external factors have contributed to this decline, including rising Bitcoin balances on exchanges amidst rumors of government regulations and Mt. Gox repayments.
Intensifying Competition Weighs Heavily
SHIB's price decline can also be attributed to weak fundamentals. Data suggests waning demand for SHIB, with its trading volume consistently eclipsed by emerging meme coins such as Pepe and Dogwifhat. On the day of writing, Shiba Inu's volume was $500 million, while Pepe and Dogwifhat boasted $1.3 billion and $913 million, respectively. Other meme coins like Floki and Bonk have also seen higher volumes than SHIB.
Shibarium Network Struggles to Gain Traction
Shiba Inu's Shibarium network has faced setbacks. DeFi Llama data indicates a decline in Shibarium's TVL (Total Value Locked) from its YTD high of $4 million to $1.39 million. All dApps on Shibarium, including WoofSwap, ChewySwap, Marswap, and DogSwap, have experienced TVL drops of over 40% in the past 30 days.
Similarly, ShibaSwap's assets have dwindled to $18.97 million from a peak of nearly $2 billion in 2021.
Shiba Inu's predicament mirrors broader market trends and specific challenges within the SHIB ecosystem. The future of this meme coin remains uncertain, with the coming days poised to be crucial for its fate.
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