At the time of writing, the price of Shiba Inu is $0.00001061. Considering that the price was $0.00008616 just a few months ago, the dip is staggering.
Just yesterday, the market cap of SHIB dropped more than thrice its price. Shiba Inu fall has become a trend in recent times.
But despite the drop, the #SHIBArmy is hopeful that their favorite meme coin will make a comeback soon.
Currently, the market cap of SHIB stands at $5,827,509,446 (nearly 6 billion). The trading volume is also high at $258,173,294 (at the time of writing).
The hope for Shiba Inu faithful stems from its adoption by mainstream payment systems and a climb in Shiba Inu’s burn rate.
If you don’t know, the SHIB burn rate experienced a sharp rise of 190% on 2nd June 2022. As a result, the number of Shiba Inu coins in the market has gone down.
As the market sentiment towards crypto is negative overall, the ‘burn’ has caused the price drop to appear worse.
Now, if and when the market turns bullish, it is expected that SHIB will start recovering in the same manner it has dipped – at a faster pace than ever before.
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Mysterious Shiba Inu Founder Ryoshi Ends his Crypto Journey
Will the Shiba Inu fall to its previous level in 2022? Let’s understand!