Shiba Inu Price Crash: What’s Next?

• The Shiba Inu (SHIB) price has taken a massive beating throughout the past 24 hours, more or less in line with the rest of the market.
• SHIB plunged by as much as 12.4% throughout the past day, following the downward trajectory of the entire market.
• This follows the launch of the much-anticipated Shibarium mainnet which experienced some hiccups due to a major overload.

Shiba Inu Price Crash

The Shiba Inu (SHIB) cryptocurrency has taken a big hit over the past 24 hours, dropping by as much as 12.4%. It is currently trading at slightly above 0.00000816 and it remains to be seen if this level will hold. This sharp decline follows the launch of Shibarium mainnet which saw some hiccups due to an unexpected overload on its network.

What is Shiba Inu?

Shiba Inu is an Ethereum-based token that was launched in August 2020 and has since grown in popularity among cryptocurrency users worldwide. It is based on Dogecoin and its purpose is to make payments and transfer digital assets faster than traditional methods such as credit cards or bank transfers. The token also provides users with access to decentralized finance applications, allowing them to participate in various activities such as lending, borrowing, staking, etc., all without relying on third parties or intermediaries for their services.

What Led To The Crash?

The crash can mostly be attributed to factors beyond SHIB itself – namely, a slump in overall market sentiment caused by recent news from China’s central bank banning financial institutions from providing services related to cryptocurrencies like Bitcoin and Etherium trading. Additionally, there have been reports of Elon Musk’s tweets regarding Bitcoin affecting its price negatively which may have further contributed to SHIB’s dip today.

What Does The Future Hold For SHIB?

Despite this setback, many analysts remain confident about SHIB’s future prospects given its strong fundamentals and growing user base across multiple countries around the world . Additionally, Shytoshi Kusama ,the lead developer of Shiba Inu ecosystem recently stated that „we are working diligently on scaling up our infrastructure so that we are prepared for any future growth“. Therefore it appears that despite this current downturn in prices ,SHIB could still prove resilient enough to weather any storm ahead and eventually make a strong recovery soon .

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