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Crypto market has been experiencing an upward trend since March, with Bitcoin (BTC), the leading cryptocurrency, contributing to the acceleration of value increases and breaching the $30,000 mark in a short period. However, despite the uptrend in the crypto market, Shiba Inu (SHIB) has been continually losing value and has caught a strong downward momentum.
Danger Bells Could be Ringing for SHIB
The crypto market has been on an upward trend since March, and Bitcoin (BTC), the leading cryptocurrency, has accelerated value increases during this period and managed to exceed $30,000 in a short time. The total market value of the crypto ecosystem exceeded $1.2 trillion following recent increases, according to CoinMarketCap (CMC) data.
However, despite the upward trend in the crypto market, there were cryptocurrencies that could not record a clear rise during this period and continued to lose value at various rates. Shiba Inu (SHIB) was among the cryptocurrencies that continued to lose value during this process.
Value Loss in SHIB is Accelerating
As Bitcoin (BTC), the leading cryptocurrency, caught an upward trend in the crypto market since March, it recorded an average value increase of 50% in the last year, according to CMC data. On the other hand, SHIB recorded an average loss of 30% in value over the same one-year period and caught a downward momentum despite the rise in the market.
SHIB, which caught a downward trend during this period, continued to lose value in recent weeks. SHIB, following its value losses, was one of the cryptocurrencies with the highest percentage loss in market value both within the last week and the last 24 hours, according to CMC data, and fell to price levels of $0.0000073.
