In the last 24 hours, Shiba Inu (SHIB) seems to have dropped another bomb on its investors. It was a huge upset for the investors that have positive sentiments about the meme coin.
Shiba Inu Suffers a 6.4% Drop
Shiba Inu has been losing its value for a long time and things have not changed for the meme coin even in the past 30-days. The situation has gotten even worse for the meme coin in the past 24 hours as it has lost 6.4% in value.
As a result, the entire Shiba Inu investment community is under great pressure and they do not know what the future has stored for them.
The intense bearish pressure is causing the trading price to deteriorate day after day. In the past 30-days, the trading price of Shiba Inu has suffered a 19% dip.
At the time of writing, Shiba Inu seems to be trading at a low of $0.00001124 following the recent plunge.
The Sentiments are Low
The recent has cleared that the sentiments of the investor are not high for Shiba Inu. This is because the investors are not interested to support any rallies, which is a huge upset for the “once” largest meme coin.
Due to the lowered sentiments, there is no support for Shiba Inu from the bulls even at the lower levels. The trading volume for Shiba Inu has also continued falling and at the time of writing, Shiba Inu’s 24-hour trading volume appears to be $433 million.
The market valuation for Shiba Inu has dropped as well as it is now down to $6.63 billion.
SHIB is No Longer among the Top 10
There was a tie when Shiba managed to enter the list of the top 10 cryptocurrencies in terms of market valuation. At the moment, it is standing at the 12th spot, which is due to the constant price dip and valuation drop witnessed by Shiba Inu.
Shiba Inu witnessed a massive bullish trend back in mid-2021. It was the best time for the meme coin that even saw Shiba Inu become the largest meme coin in the industry.
It not only hit the highest trading value but also entered the list of the top 10 cryptocurrencies in terms of valuation. It even surpassed Dogecoin (DOGE) in the race to become the largest and top meme coin.
Unfortunately, Shiba Inu was not able to sustain its position for a long time. It ended up experiencing constant plunges in its value because the token had no major utility to offer to its investors.
As of now, the trading value of Shiba Inu is 86% lower than the all-time high it had once hit in mid-2021.
Tamadoge is in the House
While SHIB struggles to keep its head over the water, Tamadoge, a meme coin is getting ready to take the market by storm. It is soon to launch through the OKX exchange on September 27 and seems to be a success story already, having generated $19 million in presales.