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SHIB market cap has decreased by $3.5 billion from January 1 to January 8, 2022. Data from CoinMarketCap suggests that the market cap of meme currency shrunk from $18.68 billion to $15.16 billion.
DOGE killer, SHIB, had seen immense growth in the last year. The popularity of SHIB increased so much that it crossed the original meme currency’s market cap. The largest theater chain, AMC, announced that it will add Shiba Inu as a payment method for movie tickets. As the whole market is bearish, SHIB has also dropped to $0.000027. The token is down 8% in the last 24 hours and 20% down over the previous week.
SHIB market cap has decreased by $3.5 billion:
Statistics from the CoinMarketCap are showing that the SHIB market cap has decreased by $3.5 billion in the last 7 days. SHIB market cap was hovering around $19 billion on the start of this year but now it has dropped to $15.16 billion. Let’s explore what can be the reason for decreasing market cap. SHIB has a huge number of token holders who take profits without exposing themselves to the risk.
Furthermore, although it is challenging to point the specific reason behind the SHIB volatility, the token appears to be a casualty of the general market crash. The swings come amid a volatile period for financial markets characterized by rising inflation, forcing the Federal Reserve to tighten monetary policy. The move has threatened to reduce the liquidity tailwind that supported various assets.
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