Shiba Inu plummets 10% to $0.000016 as Bitcoin’s decline sparks a crypto market correction.
Mt. Gox’s ongoing BTC distribution intensifies selling pressure in the market.
Shiba Inu Army remains optimistic about the future, anticipating a rebound with the arrival of altcoin season.
Shiba Inu has been hit hard by the current crypto market correction, driven by Bitcoin’s decline. Today, Shiba Inu narrowly avoided dipping below the $0.000016 mark, plunging nearly 10% from its intraday peak of $0.00001756. As of press time, SHIB was trading at $0.00001622, effectively erasing its recent weekly gains due to the bearish market sentiment.
Shiba Inu’s bearish performance is largely linked to Bitcoin’s price decline, triggered by the frenzy surrounding Mt. Gox’s ongoing distribution of $9 billion in BTC and BCH to creditors. Today, Bitcoin plummeted to a low of $63,833, a significant drop from its intraday high of $67,113.
The Mt. Gox distribution, facilitated by centralized exchanges such as Bitstamp and Kraken, is expected to take place over the next 60 to 90 days. While Bitstamp aims to expedite the process and complete it ahead of schedule, Kraken has also begun releasing funds to creditors.
Kraken started distributing Gox coins pic.twitter.com/cOxXQaC5p0
— punch (@Punch0x1) July 23, 2024
The influx of Bitcoin into the market has increased selling pressure. Concerns persist that many creditors may choose to liquidate their holdings immediately, which could further exacerbate the market’s decline.
Meanwhile, recent data suggests that most Kraken users have held onto their tokens. Yet, this has done little to alleviate the concerns surrounding the potential impact of the Mt. Gox distribution on the market.
Despite being heavily impacted by the current bearish sentiment, optimism remains strong among Shiba Inu enthusiasts that better days are ahead for the meme coin.
In a recent post on X, Lucie, Shiba Inu’s content market specialist, encouraged the SHIB community to think big and remain optimistic about the future, particularly with the impending arrival of altcoin season. To bolster confidence, Lucie pointed to BlackRocks’s Ethereum spot ETF ad as a promising sign that the altcoin market is poised for a rebound.
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