Why Is Shiba Inu Crashing Today?

Why Is Shiba Inu Crashing Today?

SHIBA INU SHIB/USD traded 26.9% lower at $0.00002245 over 24 hours leading up to early Friday morning.
What’s Moving? Over the last seven-day period, SHIB has soared 213.23%.

Against cryptocurrencies with large market caps like Bitcoin and Ethereum, SHIB declined 24.69% and 26.97% over 24 hours.

The so-called Dogecoin DOGE/USD-Killer touched an intraday high of $0.00003502, which is a level 9.74% short of its all-time high of $0.0000388, which SHIB touched in May.

SHIB has shot up 275.91% over a 30-day period and 179.72% in the last 90 days.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? SHIB moved lower after enjoying a significant surge in its price this week. Dogecoin was trading flat at press time along with SHIB as the global cryptocurrency market cap fell 0.5% to $2.29 trillion.

SHIB’s recent move up was partly caused by crypto whales piling on trillions of coins and also thanks to Tesla Inc TSLA CEO Elon Musk posting a picture of his Shiba Inu dog “Floki” on Twitter. 

The fall in SHIB came despite it seeing high interest on Twitter. As per Cointrendz data, the coin was mentioned in 5,496 tweets, making it the second most mentioned name behind BTC.

Shiba Inu developer “Shytoshi Kusama” tweeted on Thursday that the cryptocurrency will introduce transactional burns in partnership with NOWPayments.

“A % of EACH transaction will be burnt! This is exactly what the community has asked for and is the perfect way we can all do our part to burn massive amounts of #SHIB,” said Kusama.

Read Next: Litecoin Turns 10: Here's How Much You Would Have Made If You Stuck With The Coin From The Start

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