Shiba Inu’s 84% Drop: The ‘New King’ Faces Challenges

Shiba ($SHIBA), a recently established cryptocurrency with meme-inspired design and a claim to represent the “Birth of a New King,” witnessed an increase in price of over 3,000% early this month but is now down more than 84% from its high.
Source:Analytics Insight

While the self-described “Dogecoin killer” SHIBA isn’t listed on centralised cryptocurrency trading platforms like Coinbase and Binance, data from Ethereum blockchain explorer Etherscan shows that its trading volume has been rising to almost $250,000 million over the course of a 24-hour period on the well-known decentralised exchange Uniswap.

Shiba Inu Whales Spark $50 Million Surge in FOMO Frenzy

When the price of SHIBA spiked earlier this month, as CryptoGlobe reported, it seemed that inadequate liquidity was the cause of the price increase. According to Ethereum blockchain statistics, there are 2,047 holders overall and 28,200 transactions have occurred.

Shiba Inu’s 84% Drop: The ‘New King’ Faces Challenges,Shiba Inu’s 84% Drop: The ‘New King’ Faces Challenges

Since it peaked at $0.0000000078, its price has decreased by about 84.4% to its current level of $0.00000000121.

Although the world has “witnessed a lot of disappointments, the Shiba whales have their eyes blazing,” SHIBA promises to be the “rebirth of the DOGE killer” on its website, emphasising the need for a new leader and showcasing the enthusiasm of the whales. “Time for the birth of a new king, a new Doge Killer of 2023, $SHIBA,” it continues.

On its webpages, SHIBA states that 470 trillion tokens, or 47% of the total token supply, will be “burned at launch” and that 300 trillion more tokens will be “removed from circulation at launch.” A separate 5% is set aside for a “marketing and development fund” and another 5% is designated for centralised exchange listings.

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In addition, 4% of the token is set aside for an ecosystem fund, 4% goes towards funding cross-chain trading platforms, and 5% goes towards the project team.

Along with launching a token with the ticker $BONES, the group also unveiled Shiba Inu ($SHIB), a competitor cryptocurrency inspired by memes. This coin is the “official gas token for Shibarium chain.”

Shiba Inu’s 84% Drop: The ‘New King’ Faces Challenges,Shiba Inu’s 84% Drop: The ‘New King’ Faces Challenges,Shiba Inu’s 84% Drop: The ‘New King’ Faces Challenges, Shiba Inu coin Crypto news, Shiba Inu coin News

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