Shiba Inu (SHIB) prices have recently decreased as the cryptocurrency market has turned red. Over the last day, the worldwide cryptocurrency market price has fallen by 2.72%.
SHIB is down 6% in the last 24 hours, according to Coinmarketcap data.
Although the token’s price has been falling in recent days, this marks a new low.
Related Reading: Coinbase Shiba Inu Holders Displays Long-term Commitment Despite Decline in Value
Shiba Inu Recent Price Decline
The Shiba Inu price started at $0.0000106 today and, within 6 hours, dropped to a new low of $0.0000099. This represents a 6% decline.
The price has been shifting over the last few hours and is currently worth $0.0000102.
New low for SHIB in 6 hours. Source @Coinmarketcap
Shiba Inu’s live 24-hour trading volume is $190,832,574. Shiba Inu has decreased by 3.66% over the past 24 hours.
With a live market cap of $6,039,364,503, the current CoinMarketCap ranking is 14.
Factors Responsible for the Decline
Apart from the global cryptocurrency market price decline in the past 24 hours, Shiba Inu has been trading in the indices with four zeros, struggling to shed a zero for the past 18 months.
Also, the creation of fake coins by scammers to dupe unsuspecting investors can be a factor.
Notably, the community’s enthusiasm has waned as the Shibarium layer-2 solution has been delayed, producing disagreement and decreasing interest.
If the team announces a Shibarium launch date, it might generate a new wave of purchasing activity.
Read Also: What Is the Potential Value of Shiba Inu in May 2023?