Shiba Inu, the second largest meme cryptocurrency, is down almost 4% in the last 24 hours, trading in tandem with Bitcoin.
Bitcoin, the flagship cryptocurrency, plunged below $22,000, shattering bulls’ hopes.
Ethereum and Cardano have fallen over 5% over the past day. Every top 20 cryptocurrency is in the red, and Uniswap (UNI) is the only cryptocurrency that managed to reverse the trend.
According to Cryptooshala, the meme’s cryptocurrency was also launched on the decentralized swap platform Reflex Swap.
Earlier this month, the Bittrex exchange also allowed trading of the meme’s cryptocurrency against the US dollar.
Last week, competitor Dogecoin was also added to the list of coins offered by Coins.ph, a Philippine cryptocurrency exchange owned by former Binance CFO Wei Zhou.
A series of new proposals did not contribute to a significant increase in prices. The cryptocurrency has fallen 86.94% from its all-time high. The Shiba Inu has fallen into a bearish downtrend along with other major cryptocurrencies, suffering heavy losses due to the unfavorable macroeconomic situation.
A campaign to voluntarily use SHIB tokens to increase the token shortage has been hampered by controversy surrounding a community-approved burn portal.
Despite their disastrous performance, the Shiba Inu will clearly remain here due to its growing distribution. The token has managed to stay in the top 20 largest cryptocurrencies, currently ranking 15th.
The highly publicized metaverse project remains the main bullish catalyst for the Shiba Inu meme coin.
Credit : u.today