The “Dogecoin Killer,” the Shiba Inu token (SHIB), which was originally hailed as such, is presently going through a difficult time as the cryptocurrency sector faces more regulatory scrutiny. SHIB has lost around 40% of its value, dropping to a price of $0.000005 and reducing the asset’s profitability to a pitiful 7%, making it one of the least useful tokens on the market at the moment.
Shiba Inu appears to have suffered as a result of the recent legal actions taken by the SEC against Coinbase and Binance. Due to regulatory worries, investors have taken a risk-off stance as a result of the legal issues, which have created uncertainty and led to a widespread sell-off among many different digital assets.
The significant spike in SHIB’s selling volume suggests that the market is now in a pessimistic mood. This unexpected increase in selling activity shows that SHIB is now a risky asset to cling onto. Furthermore, these events have dimmed Shiba Inu’s chances for the future.
Shiba Inu had previously shown impressive durability in market performance. It surprised predictions by generating gains of more than 2,000,000% during the 2021 bull run. Due to its strong surge and the buzz around the meme currency, it attracted a lot of market attention. However, recent market factors appear to be working against it.
Despite the unfavourable short-term picture, it is important to remember that the cryptocurrency market is notorious for its volatility and cyclical tendencies. Market uncertainty may progressively decrease as long as the SEC and Coinbase and Binance maintain their ongoing talks. Moreover, the “Shiba army,” a group of devoted Shiba Inu supporters, is still optimistic about a change for the better.
