Shiba Inu coin: Has Shiba Inu crashed AGAIN? SHIB value caves week after spike
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Shiba Inu coin (SHIB) surged last week, managing to crack the top 20 most popular cryptocurrencies on the back of an agreeable market. Elon Musk also spurred the altcoin with an unrelated post on his Twitter account. But that success was short-lived, according to the latest graphs, which show SHIB’s value has fallen off a cliff’s edge.
Has Shiba Inu crashed again?
Analysts have recorded a dramatic slump in SHIB’s value this morning.
CoinMarketCap, which monitors the cryptocurrency market, has the coin valued at $0.00002818 (£0.000021).
The current price marks a total decline of 3.84 percent, and the lowest Shiba Inu has dropped since the weekend.
The fully-diluted market cap has plummeted at the same rate to $28,180,102,127 (£20,709,697,953).
The last time the coin came close to this value was over the weekend when it dipped to $0.00002846 (£0.000021).
But despite the less than positive direction the token is taking, it doesn’t appear to be in the midst of collapse.
SHIB’s value has fluctuated for the last week but appears to have readjusted since Elon Musk’s tweet.
On Monday last week, the CEO’s picture of his new dog, a Shiba Inu puppy he named Floki Funkypuppy, caused a long rally.
On October 5, investors could pick up the currency for $0.00001258 (£0.0000092), and two days later, on October 7, it had surged to $0.00003488 (£0.000026).
Since then, it hasn’t dipped below $0.00002103 (£0.000015), cementing its place in this new range.
And the readjusted place has excited investors over what could come next.
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Some believe the coin could follow in the footsteps of giants and crack the $1 (£0.73) mark.
But others, including some superstar investors, aren’t impressed by what it has to offer.
Michael Burry, whose hedge fund predicted the 2008 financial crisis, doesn’t believe it has the legs to survive.
He branded the token “pointless”, criticising its defining features.
In a now-deleted tweet, Mr Burry commented on SHIB’s deliberate abundance.
Developers intended to keep its supply shored up, taking the opposite path to Bitcoin (BTC) with a circulating supply goal of one quadrillion.
Mr Burry said: “Just saying, one quadrillion seconds is about 32 million years.
“One quadrillion days is 2.7 trillion years, or all of time, from the beginning of the universe, multiplied by 71,000. In other words, pointless.”
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