The price of Shiba Inu fell to US$0.06775 per coin, according to Coinmarketcap.
The market capitalization of the crypto meme with the illustration of the puppy has also reportedly plummeted at around $3,998.
Until June 11, 2023 to June 14, 2023, trading volume on Shiba fell by 133 percent from 3,838 to 1,646 in the last four days alone.
The drop was triggered by negative sentiment that recently swept the cryptocurrency market industry, including the SEC lawsuit against Binance cryptocurrency dealers.
So is the threat of a rate hike by the US Federal Reserve at its meeting next month.
This series of pressures has caused crypto investors to start shifting their funds from Shiba Inu Memecoin to Bitcoin assets and other more resilient mega-cap altcoins.
In the first quarter of 2023, before the recession hit, trading volumes for crypto memes featuring this puppy illustration skyrocketed. Until the number of transactions reached 10 million from January to March.
The number of investors interested in adopting the coin has also surged by 60.7%, as quoted by fxstreet.
Released in 2020, Shiba Inu is an Ethereum-based token visualized with a Japanese hunting dog mascot. Because this token meme has a “special” humor element.
In 2021, Shiba Inu also managed to win the title of most popular crypto asset, surpassing Bitcoin's trading record by reaching USD 43 million thanks to its translucent trading activity.
With this positive response, Shiba Token even managed to earn a new title as the Dogecoin Killer.
However, this situation will be inversely proportional to the beginning of June 2023.
If the Shiba Inu's popularity continues to decline, Shiba Inu owners could enter a bearish position until the price is forecast to fall towards the $0.000005 level.
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