Shiba Inu coin may have fallen once more as other cryptocurrencies have risen in value. During a recent rise, the Shiba Inu digital coin may have fallen again.
According to Benzinga, Shiba Inu fell 30% in a 24-hour period that concluded on Friday. If this fall happened after significant increases in the previous week and despite growing social media talk about the currency in recent days.
Shiba Inu trading Chart – Source: Coinmarketcap
However, following such a sharp increase in recent weeks, a drop in the coin’s value was predicted.
Shiba Inu currency has seen a tremendous increase in value in the previous week, with a 70 percent increase as of Wednesday. According to Bloomberg, the coin has eclipsed Litecoin and Avalanche’s AVAX to become the world’s 12th-largest cryptocurrency.
According to Yahoo Finance, some of the success can be attributed to a “mystery whale” who just purchased “huge volumes of Shibu Inu.” Whales frequently put a lot of money into a single object, enhancing its rarity and value.
After Tesla CEO Elon Musk tweeted a picture of his Shiba Inu breed puppy named Floki, the Shiba Inu currency — which had a large spike in spring 2021 before a fall – soared in value again in recent weeks. The #SHIB hashtag became popular, and the currency generated a lot of buzz on social media.
It also helped that the Shiba Inu digital token was included in Coinbase’s app, allowing more individuals to invest in the product.