Easy come, easy go: Shiba Inu slashed his late October earnings which made him the talk of the town
Shiba Inu (SHIB) is having yet another rough day, plunging to a multi-month low of $0.00002537 on the Bitstamp exchange.
He has now fully retraced his rally from late October that left the investment community in awe. On October 28, SHIB hit its current high of $ 0.00008616, appearing to be on the verge of losing another zero after gaining more than 210% in just six days.
The rally then came to a grinding halt. Despite a slew of exchange listings, merchant adoption milestones and new development within the token’s sprawling ecosystem, Shiba Inu has so far failed to get back on track, continuing its lethargic price performance.
The token is now down more than 70% from its all-time high, with the majority of holders now sitting on losses, according to data from IntoTheBlock.
The increasing prospects of the U.S. Federal Reserve hiking interest rates multiple times this year to battle the rapidly increasing level of inflation have battered equities markets. The tech-heavy Nasdaq index is down over 2% at the time of writing.
Bitcoin (BTC) fails to function as a market hedge, dipping below the psychologically important $ 40,000 mark for the first time since September 21.
Ethereum (ETH) also careened below $3,000 for the first time since September.
With another multi-year bear market becoming increasingly likely, several analysts say the two largest cryptocurrencies are much safer bets compared to alternative cryptos, the prices of which could start to fall. As reported by U.Today, former BitMEX CEO Arthur Hayes recently predicted that altcoins could drop as much as 90% if the Fed becomes more hawkish.
