Why Shiba Inu Is Dropping This Week
Shiba Inu's (CRYPTO: SHIB) price has declined 8% over the past week, and it's lost 14% of its value since the beginning of the year. That marks a rough start to the year for this tiny meme coin, which remains 90% below its all-time high from Oct. 28, 2021. So let's see if it looks like it might bounce back over the next few months.
When Shiba Inu was launched on Aug. 1, 2020, many investors dismissed it as a joking parody of Dogecoin, which was named after the Shiba Inu dog from the viral "doge" meme. Shiba Inu also couldn't be directly mined like Bitcoin, since its entire supply of 1 quadrillion coins had already been pre-mined on the Ethereum blockchain, and it seemed unlikely that many businesses would accept it like Bitcoin for regular payments.
Image source: Getty Images.
Source Fool.com
