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Shiba Inu: price back to month-old levels
Shiba Inu: price back to month-old levels
Altcoin

Shiba Inu: price back to month-old levels

By Marco Cavicchioli - 21 Jun 2021

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The price of Shiba Inu’s SHIB token has returned to levels seen about a month ago.

In fact, today it has fallen below 0.007 thousandths of a dollar, after rising as high as nearly 0.012 thousandths at the end of May.

It is currently down 81% from its peak on 10 May at 0.038 thousandths of a dollar, although it is still much higher than the price at the beginning of the year.

Two months ago, the price was just over 0.001 thousandths, then in the space of a few weeks, it soared 600%, and then plummeted 86%. This was clearly a speculative bubble, which nevertheless left the price at seven times the level at which it began to form.

However, from 13 June onwards it seemed to have started to rise again, since in three days it had risen from 0.005 thousandths to 0.010 thousandths, but then retreated below 0.007.

This increase was generated by the news of the listing on Coinbase, but it was short-lived.

In fact, already on the day of the listing, the price started to fall.

In other words, it was mainly the rumours and the news of the listing that caused the price to rise, not the listing itself.

The Shiba Inu (SHIB) speculative bubble

In addition, there were technical problems on Coinbase Pro which prevented SHIB from starting trading as planned.

Trading has started nonetheless, and in the last 24 hours, there have been trading volumes on Coinbase Pro of more than EUR 530 million on SHIB/EUR, for example.

Overall, 16 June, the day of listing, saw the highest trading volumes in recent weeks for Shiba Inu, although lower than the days last month when the price returned above 0.010 thousandths, and much lower than the historic price peak on 10 May.

The question on many people’s minds is whether or not the peak on 10 May can be surpassed in the future.

It was certainly a short-lived speculative bubble, and it is difficult to imagine that a similar one will be triggered any time soon. Also because this kind of token often suffers from competition from many other similar tokens, and since it survives mainly on hype, it will probably take another strong hype to make it recover the prices of 10 May.

 

Marco Cavicchioli
Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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