Shiba Inu (SHIB) has had another bad day, falling to a multi-month bottom of $0.00002537 on the Bitstamp platform.
Finally, it has totally retraced its late-October rise, which astounded the financial industry. SHIB reached its latest top of $0.00008616 on Oct. 28, looking to be on the verge of sliding another zero after increasing over 210 percent in only six days.
The rally suddenly came to an abrupt end. Amidst a flurry of exchange listings, merchant acceptance benchmarks, and fresh growth inside the token’s vast ecology, Shiba Inu has been unable to regain its footing, maintaining its sluggish price behavior.
SHIB/USD 1 DAY PRICE CHART: SOURCE – COINMARKETCAP.COM
As per IntoTheBlock statistics, the token is currently down over 70% since its all-time high, with the bulk of holders currently resting on deficits.
The thought of the United States Federal Reserve raising interest charges numerous times this year to combat the fast-rising level of inflation has rocked equity markets. The Nasdaq, which is heavily weighted toward technology, was off more than 2%.
Bitcoin (BTC) is underperforming as a stock market hedge, falling under the psychologically critical $40,000 barrier for the initial time after September 21.
For the inaugural time after September, Ethereum (ETH) has fallen under $3,000 per coin.
With some other multi-year bear market on the horizon, several analysts argue that the two main cryptos are far safer choices than other coins, whose values might begin to decline.
According to an earlier report, erstwhile BitMEX CEO Arthur Hayes reportedly stated that cryptocurrencies might fall by up to 90% if the Fed turns more aggressive.