Shiba Inu (SHIB) Plunges Amidst Crypto Market Bloodbath 📉
The past few days have seen a massive decline in the cryptocurrency market 📉, with the negative trend escalating on July 5. Bitcoin (BTC) dropped below $54,000 for the first time since February, and Ethereum (ETH) crashed under $2,900.
Major Dip in Meme Coins 🎢
The meme coin sector is also experiencing a significant downturn 🎢, with the market capitalization down almost 20% daily. The total market cap currently stands at around $38.8 billion according to CoinGecko. Leading meme assets like Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), and more are all down by double digits.
Shiba Inu (SHIB), often touted as the “Dogecoin killer,” is no exception to the downward trend. SHIB’s price has plummeted by 15% in the last 24 hours and nearly 50% for the month, with its market cap dropping below $8 billion.
The recent collapse has had a negative impact on many SHIB investors. Reports indicate that only 20% of HODLers are currently in profit, while over 52% are facing losses.
Compare this to March earlier this year when over 63% of SHIB investors were in the green 🟢. The current situation presents a stark contrast to the previous bullish phase.
Understanding the Risks 🚨
Meme coins have been the stars of the crypto world in recent months, with many tokens witnessing remarkable price surges and benefiting early investors. However, the recent decline in the meme coin sector serves as a stark reminder of the risks involved 🚨.
Investing in meme coins can be volatile, and those considering entering this market should conduct thorough research, rely on credible sources, and only invest what they can afford to lose. Proper risk management is crucial in such a volatile asset class.
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