The Shiba Inu has been hit hard by the current crypto market correction triggered by Bitcoin's decline. Today, the Shiba Inu traded at $0.00001622, down close to 10% from its intraday high of $0.00001756, moving below the $0.000016 level. This decline effectively erased SHIB's recent weekly gains and suggests the market is struggling with a bearish trend.
This bearish performance of the Shiba Inu is largely linked to the decline in the price of Bitcoin. Mt. This decline was triggered by an uproar over Gox's distribution of $9 billion worth of BTC and BCH to its creditors. Today, Bitcoin fell from an intraday high of $67,113 to a low of $63,833.
Mt. Gox distribution will occur over the next 60 to 90 days through centralized exchanges such as Bitstamp and Kraken. While Bitstamp aims to speed up the process, Kraken has also begun releasing funds to creditors. This could further increase the selling pressure by increasing the amount of Bitcoin entering the market. Concerns about creditors' ability to quickly liquidate their assets may cause the market to experience a deeper decline.
Currently, recent data shows that most Kraken users are holding on to their tokens, but Mt. Concerns about the potential impact of the Gox distribution on the market have not been alleviated.
Although heavily impacted by the current downward trend, hope and optimism for the future remains strong among the SHIB community. In her latest post, Shiba Inu's content marketing expert Lucie encouraged the SHIB community to think big and look forward to the future, especially with the altcoin season approaching. To bolster confidence, Lucie noted that BlackRock's Ethereum spot ETF ad is a hopeful sign that the altcoin market is ready to rebound.
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I EXPLAIN IN DETAIL.
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