Shiba Inu (SHIB) Price Drops By 20%, Lowest In 7 Months

Popular memecoin Shiba Inu hit its lowest threshold in over 7 months on Monday as it dropped by over 20%. The steep fall marks the memecoin’s lowest price since October 2021. From a top of $0.00001885 on Sunday to a bottom of $0.00001492, the SHIB/USD pairing fell by 20.84% within 24 hours. Shiba Inu’s ranking stands at 16th in terms of market value, with a current valuation of $8.2 billion.

SHIB Burning Has Little Impact

The Shiba Inu team had on April 25 launched a SHIB burning portal that makes it rewarding for users to regularly burn the coin while effectively reducing its circulating supply. However, the memecoin continued to follow the downtrend since, in line with the wider cryptocurrency market.

Prior to that, there was huge bullish growth around the coin following the announcement of Shiba Inu’s listing on Robinhood platform. The hype took SHIB to a 37% jump at one point, that too within two hours. Yet, the growth trajectory was not sustained thereafter.

Robinhood Offering Follows Steep Fall

Alongside SHIB, Compound, Polygon and Solana were also made available on Robinhood Crypto at the time. According to CoinMarketCap, Compound is down 17.64% at $82.19 with a trading volume of $89,032,682 in the last 24 hours. With a market cap of $558 million, COMP is ranked at 91 among all cryptocurrencies.

Similarly, Polygon is down 18.03% in the last 24 hours. Its current ranking is 20, with a market cap of $6.3 billion. Solana is down 15.22% in the last 24 hours while its current ranking is 7 with a market cap of $21.7 billion.

Among the other cryptocurrencies which took a massive hit are Terra at 32.18% drop in the last 24 hours and Polkadot at 19.05%. Terra is currently ranked at 11 with a market cap of $15.5 billion, while Polkadot is ranked at 14 with a market cap of $10.74 billion.

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Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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