Due to the problems that emerged during the Shibarium launch, SHIB has recently experienced a strong downward momentum, accelerating its losses. Within the last week, SHIB has lost an average of 5% and started trading at $0.000008.
Increasing Losses after the Launch
SHIB showed a relatively higher price performance compared to most altcoins in the cryptocurrency market in mid-August, surpassing the $0.00001 level with the value increases it recorded in a few days. However, SHIB started to decline again due to the strong downward momentum in the cryptocurrency market and the impact of issues during the Shibarium launch, leading to losses in its value.
The leading cryptocurrency, Bitcoin (BTC), also temporarily dropped to levels as low as $25,400 during this period. Many high-market-cap cryptocurrencies experienced significant value losses. The total market value of the crypto industry retreated to $1.04 trillion, according to CoinMarketCap (CMC) data.
Furthermore, after weeks of low volatility, the cryptocurrency market became active again since last Friday. According to Coinglass data, due to the increased volatility, over $60 million short and long positions were liquidated in the past 24 hours.
What’s the Current Situation with SHIB?
Crypto analysis platform Santiment claimed that during the period when SHIB and speculative cryptocurrencies like Pepe exhibited a higher price performance compared to many high-market-cap cryptocurrencies due to the effect of low volatility in the market, they briefly became the focus of crypto investors. However, with the revival of the cryptocurrency market and BTC’s downward momentum, SHIB reversed its direction and accelerated its losses in recent weeks.
Within the past week, Shiba Inu (SHIB) has lost an average of 5% and also recorded a nearly 2% decline in the past 24 hours, starting to trade at $0.000008. Following these declines, SHIB entered the list of cryptocurrencies with the highest percentage losses among high-market-cap cryptocurrencies in the past week, according to CMC data. Additionally, SHIB’s market value has dropped to $4.7 billion after surpassing $6.5 billion in mid-August, due to the recent declines.
