Shiba Inu’s market cap has shed around $1 billion during the last 30 days, as its SHIB token value declined by more than 20%.
Data from BeInCrypto shows that Shiba Inu’s market cap currently sits at $4.3 billion, a far cry from the $5.31 billion it recorded on May 23. This decline coincided with a steep price fall of the digital asset, dropping to as low as $0.000005979 before rebounding to its current level of $0.0000073 as of press time.
Why SHIB’s Price Struggled
During the last 30 days, Shiba Inu’s price struggle can be linked to the unfavorable market conditions of the period. The crypto industry has faced significant headwinds as the U.S. Securities and Exchange Commission (SEC) filed lawsuits against major crypto exchanges, Coinbase and Binance, over federal securities law violations.
Additionally, the emergence of new memecoins, like PEPE, Milady, and WOJAK, shifted the attention of several traders away from the OG memecoins like Dogecoin and Shiba Inu.
This meant that the brief memecoin bull run between March and April did not impact the token as investors focused on these newer entrants.
Author: Oluwapelumi Adejumo
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