Shiba Inu was one of the most watched cryptocurrencies on Binance, the world’s largest cryptocurrency exchange by reported trading volume.
The popular meme-inspired cryptocurrency, which debuted in August 2020, is one of the world’s top cryptocurrencies in terms of market capitalization.
Shiba Inu owners saw enormous gains in 2021, proving to be a banner year. Many people were buying SHIB coins to make quick money, so interest in SHIB had skyrocketed. Last October, the meme coin reached a high of $0.00008616, making some of its purchasers millionaires.
Because of its rapid growth, many people have invested in it, hoping that prices will continue to rise in the near future. Those hopes were quickly dashed, however, when the Federal Reserve’s hawkish policy stance caused the SHIB price to plummet in 2022. Global monetary policy tightening increased borrowing costs and reduced investors’ appetite for risk.
The meme coin is now down as much as 90.08% from its all-time high, implying that many investors who bought into the hype are likely still out of money.
Despite the massive correction, the popular altcoin has retained a thriving community that keeps the meme coin afloat.
According to U.Today, the Shiba Inu cryptocurrency team recently teased its community with “a special countdown” to what some believe will be a major announcement. Some members of the community are speculating on whether developers are ready to introduce the Shibarium layer-2 solution. News about the Shiba Inu (SHIB).
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