Why Is the Price of Shiba Inu ($SHIB) Dropping Today?

The price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) is down by over 8% in the last 24-hour period and is now trading at $0.000043 per token. SHIB’s price performance today is being affected by wider market factors, as the entire crypto market shed around $80 billion in the same period.

According to available data, the price of SHIB is up over 600% in the last three months, while being down close to 40% in the last 30 days.

The cryptocurrency’s price recently surged to briefly flip Avalanche (AVAX) by market capitalization, but it soon started underperforming the rest of the market. It first surged to flip AVAX after Nasdaq-listed online retailer Newegg started accepting SHIB payments and advertised the move using a massive “digital out-of-home (DOOH) campaign” using an LED video display mounted at the top of a 12-story building in downtown Los Angeles.

SHIB’s price also moved up after it was listed on a major cryptocurrency exchange, Kraken, and after it brought in gaming industry veteran William Volk to help guide the organization’s move into the gaming industry.

The project’s pseudonymous lead, Shytoshi Kusama, wrote in a Medium post the team has a new games division – Shiba Inu Games – that hired Volk to lead the design and implementation of a new game being developed by a “AAA Game Studio.”

Volk — former VP of Technology at Activision — who indicates on his LinkedIn page that he has been working on a freelance basis for Shiba Inu Games since the start of the month, said  he is “honored to be working with an amazing team on what will become one of the most significant games of all time.”

As CryptoGlobe reported, data shows cryptocurrency whales accumulated billions of Shiba Inu tokens after the new exchange listing and announcements were made. As the price rose, it’s possible some whales simply started taking profits on their SHIB investments.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pixabay

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