According to statistics from Binance, Shiba Inu was one of the most-watched cryptocurrencies on the major cryptocurrency exchange by reported trade volume.
The August 2020 debut of the famous meme-inspired cryptocurrency is one of the world’s leading cryptocurrencies by market capitalization.
The year 2021 was a breakthrough year for Shiba Inu owners, who enjoyed tremendous advances. The demand for SHIB coins had skyrocketed as investors sought to earn rapid returns. In October of last year, the price of meme coins peaked at $0.00008616, making some of its purchasers billionaires.
This quick increase prompted many individuals to invest in it with the expectation that prices would continue to rise in the foreseeable future. However, these aspirations were immediately crushed in 2022, when the Federal Reserve’s aggressive policy stance precipitated a rapid decrease in the SHIB price. The tightening of global monetary policy led to a rise in borrowing rates and a decrease in investors’ risk-taking propensity.
The meme currency is now down as much as 90.08 percent from its all-time high, meaning that many investors who bought into the hype are likely still in the red.
Despite the big downturn, the popular cryptocurrency has maintained a thriving community that keeps it going.
According to U.Today, the developers behind the Shiba Inu cryptocurrency recently teased its members with “a unique countdown” to what some feel may be a significant revelation. Some community members speculate as to whether or not the Shibarium layer-2 solution is prepared for introduction.
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