The Shiba Inu cryptocurrencies continue to experiences massive price fluctuations and its price dropped sharply on Friday. At the end of last week, on Friday, the coin had dropped by 30% in a 24-hour period. The crash was a natural response to the quick gains over the past few weeks. Even though the coin had gained a massive social media presence, it had still dropped last week. Essentially, the dip in the prices was completely natural after the surge
The coin had an initial high jump last week with over 70% in gains in just a day. It had even surpassed Litecoin and AVAX. becoming the 12-biggest crypto asset in the world according to Bloomberg Business. The initial success came after an anonymous user purchased massive amounts of the coin in just the span of a few days per Yahoo Finance. This was clear evidence that even anonymous users can have an impact on crypto outcomes.
The coin came to popularity in the middle of 2021, after becoming the main competitor of its alternative Dogecoin. Both coins were brought to popularity mainly by Elon Musk, who has been recently tweeting about his puppy dug, a Shiba Inu breed. Whenever Musk tweeted something about his dog, the #SHIB hashtag would immediately start trending and create a wave of hype that would result in people resorting to buying either Dogecoin or Shiba Inu.
The buying process was made even easier after Coinbase added Shiba Inu to its app, now allowing it for purchase to even more enthusiast traders. And it helped that Coinbase added the Shiba Inu cryptocurrency coin to its app, allowing more people to invest in the product.
The Financial Conduct Authority recently suggested in a statement about cryptocurrencies that “Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money,” FCA’s statement said. “If consumers invest in these types of products, they should be prepared to lose all their money.”
The bottom line is that with crypto you should always expect the unexpected. Especially in these times where changes happen almost instantly. Take for example the China nationwide crypto ban, which came out of nowhere. It is best to do your own researchers and be prepared for any possible scenario outcome.
Finally, you can still take advantage of our overall listing of the best crypto casinos, currently, on the market, so do not miss this exciting opportunity.