Shiba Inu coin: Has Shiba Inu plummeted for the second time? The SHIB value drops a week following the increase.
Despite its spectacular rally last week, the SHIBA INU currency has slipped and collapsed. Is Shiba Inu on the verge of collapsing? Last week, Shiba Inu currency (SHIB) soared, breaking into the top 20 most popular cryptocurrencies thanks to a favorable market. Elon Musk sparked the controversy with a completely unrelated tweet on his Twitter account. According to the most recent graphs, however, that success was short-lived, as SHIB’s value has plummeted off a cliff’s edge.
SHIB’s value has dropped dramatically this morning, according to analysts.
The coin is priced at $0.00002818 (£0.000021), according to CoinMarketCap, which tracks the cryptocurrency market.
The current price is a 3.84 percent loss in total, and it is the lowest Shiba Inu pricing since the weekend.
The fully diluted market cap has dropped to $28,180,102,127 (£20,709,697,953) at the same rate.
Over the weekend, the coin plummeted to $0.00002846 (£0.000021), which was the closest it had come to this value.
Despite its less-than-optimistic trajectory, the token does not appear to be on the verge of collapsing.
The price of SHIB has been fluctuating for the past week, but it looks to have stabilized since Elon Musk’s statement.
The CEO’s picture of his new dog, a Shiba Inu puppy named Floki Funkypuppy, prompted a long rally on Monday last week.
The currency was available for $0.00001258 (£0.0000092) on October 5, and two days later, on October 7, it had risen to $0.00003488 (£0.000026).
It hasn’t dropped below $0.00002103 (£0.000015) since then, solidifying its position in this new range.
And the new location has investors thrilled about what could happen next.
Some believe the coin has the potential to break the $1 (£0.73) barrier, following in the footsteps of giants.
Others, including several high-profile investors, are unimpressed with what it has to offer.
Michael Burry, whose hedge fund forecast the financial collapse in 2008, believes it would not survive.
He slammed the token, calling it “pointless” and criticizing its distinguishing traits.
Mr Burry commented on SHIB’s planned abundance in a now-deleted tweet.
Developers aimed to keep its quantity stable, going in the opposite direction of Bitcoin (BTC) with a one quadrillion circulating supply objective.
“Just to put it in perspective, one quadrillion seconds is almost 32 million years,” Mr Burry said.
“A quadrillion days equals 2.7 trillion years, or all of time, multiplied by 71,000 from the beginning of the universe. To put it another way, it’s pointless.”