Shiba Inu has been hit by the ongoing crypto crash, gaining a zero as it dropped 14% over the weekend.
However, SHIB holders seem to be remaining somewhat calm about the drop, instead posting about buying the dip during this crypto bear market.
While being compared to the Luna crypto crash, this crash seems stoked by concerns regarding interest rates and inflation. As with the likes of Bitcoin, Ethereum, and Dogecoin, SHIB dropped by a double-digit percentage in the last 24 hours. Here’s the latest on the Shiba Inu price.
Shiba Inu Swept Up In General Market Crash
Now sitting at $0.00000777, SHIB has dropped 28% in the past week amid massive uncertainty in the crypto market.
While this is a larger drop than Bitcoin’s 17.5% decline, Ethereum, Solana, and Dogecoin suffered greater price crashes than SHIB.
SHIB is now down over 90% from its all-time high in October 2021 of $0.00008616. However, it remains slightly above SHIB’s price before this October spike, where it started September 2021 at $0.00000688.
As with many crypto crashes, larger whales exiting the market may explain the general price decline, rather than core holders. Indeed, according to Coinbase, 77% of SHIB trading activity on its platform in the last 24 hours has been buying SHIB.
This comes as the Shiba Inu community on both Twitter and Reddit boast about increasing their holdings of SHIB, or buying the dip.
However, some SHIB holders have taken the decline to question what the Shiba Inu team is doing. Much of this is aimed at the most recent project, the Welly NFT launch.
Of course, regardless of progress on projects like Shibarium or the Shiba Inu metaverse, given the whole crypto market will often move as one, it seems the price drop was inevitable.
Indeed, aside from stablecoins, only one cryptocurrency within the top 100 (LEO Token) recorded an increase in the last week.