- SHIB is struggling to keep its momentum.
- The price has dropped considerably over the past few weeks.
- SHIB price drop can be attributed to the recent SEC lawsuit and its effects.
The Shiba Inu token (SHIB), previously hailed as the “Dogecoin Killer,” is currently facing challenges as the cryptocurrency market contends with regulatory scrutiny. SHIB has experienced a decline of approximately 20% in its value, resulting in a price level of $0.000006 and diminishing its profitability to a modest 7%. Consequently, SHIB has become one of the less performant tokens in the current market.
Shiba Inu’s price drop, thanks to SEC?
The recent lawsuits by the SEC against Coinbase and Binance have seemingly had an impact on the broader market, including Shiba Inu. These legal disputes have generated uncertainty and triggered a widespread sell-off of various digital assets, as investors adopt a cautious approach due to regulatory concerns.
SHIB’s selling volume has witnessed a notable increase, indicating a bearish market sentiment. This sudden surge in selling activity highlights the challenges associated with holding SHIB as an asset. Additionally, these developments have raised concerns about the future prospects of Shiba Inu. In terms of market performance, Shiba Inu had previously exhibited remarkable resilience.
During the 2021 bull run, it surpassed expectations by achieving gains exceeding 2,000,000%. Its substantial rally and enthusiasm surrounding the meme coin garnered significant market attention. However, recent market dynamics appear to have worked against it in the past few years.
