Why Shiba Inu Was Falling Today

Shares of Shiba Inu (CRYPTO: SHIB) continued to trend lower today as one report showed that trading activity in the meme coin had hit a 12-month low, a sign that the meme-fueled boom that sent the cryptocurrency skyrocketing last year was fading. At the same time, the fallout from Robinhood's (NASDAQ: HOOD) layoff announcement last week also seemed to weigh on Shiba Inu as Robinhood had just started allowing users to trade SHIB, and many see the trading platform as synonymous with meme investing.

As of 5:31 p.m. ET, the cryptocurrency was down 3.2% over the last 24 hours.

Image source: Getty Images.

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Source Fool.com