Shiba Inu Coin News: The global digital asset market is one declined over the past week due to increased fear among investors. The recent drawdown has impacted the meme tokens the most. The price of the largest memecoins like Dogecoin (DOGE -1.60%), Shiba Inu (SHIB -3.79%), and Bone ShibaSwap (BONE -8.12%) is trading lower, respectively. SHIB Ecosystem tokens have felt most of the heat despite the anticipation building around the launch of Shibarium.
Shiba Inu Price Fall: What’s Wrong?
Shiba Inu Coin is the second largest meme coin in the cryptocurrency market that is actively controlled by whales. Despite being constantly dubbed “dogecoin killer,” Shiba Inu’s price has been sinking. The meme coin has fallen over 11% in the past seven days as an official launch date for Shibarium continues to elude.
One of the main reasons for the price fall could be the dying excitement surrounding Shibarium. Every day, SHIB Army is getting impatient as the lead developer of Shiba Inu, Shytoshi Kusama is downplaying the situation. As previously reported by Coingape, Shythoshi Kusama said that he is unable to guarantee any precise information regarding the Shibarium release date because “ it does not happen by the switch.”
SHIB Profitability Plummets
Shiba Inu’s profitability has been varying due to the drop in its price. Data from CoinMarketCap showed that at the time of writing, SHIB was levitating around $0.00001236 with a one-day trading volume of $261,960,955. The 13th-ranked token is down by over 3% in the past 24 hours.
At the same time, BONE was down 8.12% at $1.34. The reason for the price drop is linked to the impending launch of the Layer 2 Shibarium beta. As you know, BONE is going to be the native token selected to pay for gas transactions and reward validators within the protocol.
Also Read: Shibarium Release When? Shiba Inu Developer Drops Hint
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice. Anyone planning to invest in crypto assets should seek his or her own independent financial or professional advice.
The post Why Shiba Inu Price Is On Decline Ahead Of Shibarium Launch? appeared first on CoinGape.
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