OneCoin: Cryptocurrency ‘scam’ discussed by expert
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Shiba Inu became an unlikely competitor on the cryptocurrency market this year, rising from the lower rungs to within the top 20 most coveted coins in just 14 months.The altcoin, alongside DOGE and several others, far outcompeted top performers Ethereum (ETH) and Bitcoin (BTC) in terms of growth.Now it is falling, it has managed to keep more of its value than those top two competitors, but it has succumbed to the same market machinations.
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SHIB cracked the top 20 most popular coins last week amid an unexpected rally, getting there in 14 months, 74 earlier than Dogecoin did.
The movement saw its value rapidly climb from $0.9071 (£0.
66) on the morning of October 3 to $0.00003488 (£0.000025) on October 7.
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Shiba Inu price plummets – why is SHIB falling? Latest analysis on $1 forecast (Image: GETTY)
Shiba Inu price plummets: Shiba Inu is a copy of Dogecoin that emerged this year (Image: GETTY) READ MORE
How high will dogecoin go? Experts pinpoint future for digital coin But it has struggled to hold on to this momentum, with its price flailing between $0.00002 (£0.000015) and $0.00003 (£0.000016).
At the time of writing, people can buy a single Shiba Inu coin for £0.000019.
SHIB hit at low as £0.000017 overnight, before rebounding slightly this afternoon – but it’s a far cry from the last week’s peak of £0.000022
It was hoped SHIB could reach $1 but the latest charts show its value has cratered into a downtrend in recent days.
CoinMarketCap, which tracks high performers on the cryptocurrency market, has the SHIB price trajectory marked in red.
Shiba Inu price plummets: Shiba Inu is on a downtrend according to CoinMarketCap (Image: COINMARKETCAP)
Shiba Inu price plummets: Bitcoin has also seen some gentle value troughs recently (Image: COINMARKETCAP) Their analysis shows that over the last seven days, it has fallen from $0.00003488 down to $0.00002103 (£0.000015).
The highest it has managed in the last week is $0.00003136 (£0.000023), and it isn’t the only coin currently experiencing trouble.
Other established currencies, including market leaders ETH and BTC, have had similar value troughs.
They haven’t entered the red, but have struggled a bit, following a similar pattern to SHIB that seems rooted in a US government act.
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Shiba Inu price plummets: Joe Biden’s cybersecurity targets may have left some investors nervous (Image: GETTY) READ MORE
Shiba Inu: Michael Burry swipes at cryptocurrency despite price surge President Joe Biden is moving towards enhancing cybersecurity in the US, which he recently accelerated by signing the K-12 cybersecurity act.
While the act doesn’t directly impact cryptocurrency, it marks growing momentum from the President that could eventually touch on the market.
Mr Biden has previously addressed the threat of illicit currencies, which caused the latest market downtrend earlier this month.
In early October, the President said his administration was “marshalling a whole-of-nation effort to confront cyber threats.”
Trending Part of this move, he added, would be to stem the “illicit use of cryptocurrency” and “engaging on these issues diplomatically”.
The announcement appears to have frightened some traders, who likely sold over fears the US may extend its reach into the market as a whole.
SHIB has managed to stave off the worst of the downfall, however.
The coin is currently far above its average value for the year and has not backtracked to the $0.
7 (£0.5) mark of October 3.
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