Despite the gradual recovery of numerous cryptocurrencies following a recent dip while trading mostly sideways, Shiba Inu (SHIB) stands out as one of the assets that has consistently recorded losses, especially in relation to its market capitalization.
To be more precise, the dog meme-inspired cryptocurrency has experienced a decrease of $1.85 billion in its market capitalization over the past month. It has fallen from its August 14 value of $6.1 billion to its current standing at $4.25 billion, as indicated by the most recent data from CoinMarketCap on September 13.
Furthermore, recent data obtained from the crypto analytics platform IntoTheBlock reveals that merely 9% of SHIB holders are currently experiencing gains, while a substantial 89% of them are holding positions with unrealized losses.
Exploring Shiba Inu’s Price Trends
In the meantime, Shiba Inu is currently trading at a price of $0.00000721, reflecting a decrease of 0.33% over the past 24 hours. This decline compounds with a 5.72% drop over the previous week and even more significant losses, totaling 30.28%, on its monthly chart. Notably, Shiba Inu’s consistent decrease in value has persisted despite the efforts of its team on the layer 2 blockchain project Shibarium, which has demonstrated significant achievements by processing over 2 million transactions following a relaunch prompted by a traffic-related issue. The project’s lead developer has emphasized the importance of adoption.
Nevertheless, the Shiba Inu network has several crucial developments in the pipeline. These include renouncing the BONE contract, the introduction of Shibaswap 2.0, the TREAT reward token, Shiba Hub, and the Metaverse. These initiatives have the potential to provide a much-needed boost to one of the most widely recognized cryptocurrency assets, potentially driving its value toward the $0.001 mark.