The cryptocurrency market started the day with a decline as the leading cryptocurrency, Bitcoin, dropped to levels of $25,590 in the morning. SHIBA, which has recorded double-digit losses in the past month and over 7% losses in the past week, continued to experience losses and fell to levels of $0.0000075 in the last 24 hours.
Decline Continues After the Launch
Issues arising from the Shibarium launch caused SHIBA to rapidly decline and suffer significant losses. Despite the resolution of issues in the Shibarium network, the downward momentum that started after the launch did not slow down for SHIB.
Additionally, SHIB, which has been experiencing a downward trend for weeks, accelerated its losses as the crypto market started to decline again. The leading cryptocurrency Bitcoin (BTC) also dropped over 1% in the last 24 hours, falling to levels of $25,590.
The losses in BTC led to a strong decline in the cryptocurrency market. The total market value of the crypto ecosystem also dropped to $1.03 trillion according to CoinMarketCap (CMC) data.
SHIB Experiences Accelerated Losses
Following Bitcoin’s drop to $25,590 in the morning, Shiba Inu (SHIB), like most altcoins in the crypto market, accelerated its losses. SHIB recorded an average loss of around 20% in the past month and over 7% in the past week, starting the day with another decline.
In the last 24 hours, SHIB also experienced a loss of nearly 3%, trading at levels of $0.0000075. After the recent declines, SHIB ranked among the top 100 cryptocurrencies with the highest percentage of value loss in the past 24 hours, according to CMC data. Furthermore, following the recent losses, SHIB’s market value dropped from $6.4 billion to $4.3 billion.
