Shiba Inu (SHIB) Loses $1.85 Billion in Market Cap
Even though many assets in the cryptocurrency market have started to slowly recover from the recent dip amid sideways trading, Shiba Inu (SHIB) has been among those that have continued to register losses, particularly in terms of its market capitalization. Specifically, the dog meme cryptocurrency has lost $1.85 billion from its market cap across the past month, slipping from $6.1 billion, where it stood on August 14, to the current $4.25 billion, as of the latest data from crypto monitoring platform CoinMarketCap on September 13.
Shiba Inu’s Decline Continues Despite Shibarium’s Progress
Notably, the steady decline for Shiba Inu has persisted despite its team’s work on the layer 2 blockchain Shibarium, which has achieved significant results, recording over 2 million transactions after its relaunch following a traffic-related failure, as its lead developer stressed the importance of adoption.
Upcoming Developments Could Boost Shiba Inu
The Shiba Inu network has multiple important developments in preparation, such as renouncing the BONE contract, Shibaswap 2.0, the TREAT reward token, Shiba Hub, and the Metaverse, which could give one of the most well-known crypto assets a necessary push towards $0.001.
Hot Take: Shiba Inu’s Market Cap Continues to Decline Despite Progress
Shiba Inu (SHIB) has been facing a significant decline in its market capitalization, even as the cryptocurrency market begins to recover. Despite the progress made with Shibarium, Shiba Inu’s market cap has decreased by $1.85 billion in the past month. This downward trend is concerning, considering the efforts of the team to promote adoption and achieve results with their layer 2 blockchain. However, there is still hope for Shiba Inu, as upcoming developments, including renouncing the BONE contract and introducing new features like Shibaswap 2.0 and the Metaverse, could potentially boost its value. Investors will need to closely monitor these developments to determine the future trajectory of Shiba Inu.
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