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Shiba Inu Price Crash To $0.000022 Plunges 43% of Investors into Losses
The price of SHIB, the popular meme coin, has plummeted to $0.000022, causing significant losses for a staggering 43% of investors. The drastic decline is a stark contrast to the massive gains that some early adopters have enjoyed.
According to recent reports, the Whales’ investment in Shiba Inu (SHIB) has led to monumental gains. One whale had initially invested $3,800 to purchase 15.28 trillion SHIB back on August 6, 2020, resulting in an astonishing profit of up to $109 million.
Despite this success story, the meme coin market has taken a sharp downturn. As a result, the overall meme coin market cap has seen a significant decline of 16%, plummeting down to $97.4 billion.
Crypto analyst Nick Garcia believes that this recent downturn may be a sign that the bear market is finally in full swing. This shift comes after altcoins and other cryptocurrencies have been affected by the sudden and drastic drop in Bitcoin’s value.
The sharp decline in SHIB price has led to 43% of investors sustaining losses, which can result in a cascade effect on the broader market.
Source: bitcoinist.com
