There is more than a 17% drop in its price in the last 24 hours as checked on Cryptopickup. On 28th October it gained the highest price of $0.00008190 and now it has fallen to $0.00004474. Shiba Inu Coin rises to an early morning intraday high $0.0000610 before hitting reverse.
Shiba Inu Downfall price chart
In the above price chart, it is visible that Shiba Inu has seen a rapid downfall in its price, reaching as low as $0.00004474. But after a great downfall price of the Shiba Inu has tried to regain stability and the price is revolving around $0.000047 since this afternoon(IST).
The value of Shiba Inu is currently sitting at $0.00004897, according to Cryptopickup.
Shiba Inu downfall by 22.65% over the past 24 hours. Its value can fall if and when the internet loses interest as it is a meme coin.
The value of any investment also usually falls if large number of investors sell off their assets at the same time.
Shiba Inu also plunged in May alongside other cryptocurrency markets after recording major gains since the start of the year.
Experts believe the Shiba Inu altcoin has been created to ride the tailcoats of Dogecoin’s success.
Antony Portno, founder of Traders of Crypto, previously said: “While Dogecoin has some actual merit as the one ‘fun coin’, Shiba Inu is a far more manipulative and cynical asset.
“It again has no real purpose or use case other than to make the founders money and has been created with a huge supply allowing for a very low price per coin in the hope that people who don’t understand these things will think it’s cheap relative to Doge.
“It’s also very unclear who is behind the coin and what the circulating supply is which are both red flags to any sensible investor.”