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The crypto market, which experienced a strong upward momentum within days due to the historic ruling in the Ripple case last week, started the new week with a decline. Shiba Inu (SHIB), which could not record a clear increase during the period when the market gained upward momentum last week, fell back to critical levels as the market started to decline again.
Will the Decline Continue in the Market?
Although the crypto market gained a strong upward momentum in the days following the announcement of the historic ruling in the Ripple case, it started to decline again on the first day of the new week. The leading cryptocurrency Bitcoin (BTC) briefly fell below $30,000 yesterday evening. Ethereum (ETH), which surpassed the $2,000 resistance last week, started trading at around $1,900 with its recent losses.
The total market value of the crypto industry has also experienced a significant loss due to the recent declines in the past few days. According to CoinMarketCap (CMC) data, the total market value of the crypto ecosystem reached $1.25 trillion on Thursday last week, but then dropped to $1.2 trillion.
Danger Signs for SHIB
Shiba Inu (SHIB), which has been steadily losing value since the end of October 2021 and has caused many investors to suffer significant losses, has recently experienced significant value losses as well. SHIB, which could not record a clear increase during the period when the crypto market experienced a strong upward momentum due to the historic ruling in the Ripple case last week, intensified its value losses as the market started to decline again.
SHIB, which recorded a relatively low rate of value increase compared to most altcoins in the crypto market in the last 1 week, started the day with a decline and fell to a price level of $0.0000077, recording a value loss of nearly 1% according to CMC data in the last 24 hours.
