Shiba Inu dropped more than 10% to $0.000008 over the weekend as cryptocurrency values continued to decline.
Most cryptocurrencies have seen significant price drops from their January highs over the past week.
Shiba Inu is one of them and has decreased by about 10% due to the market slump.
Shiba Inu has recently faced difficulties. The performance of the digital asset has been significantly impacted by the drop in interest in the crypto market because it is mainly driven by hype.
Shiba Inu’s performance during the past day has decreased by 8.3%, according to Coingecko data.
The meme coin is one of the market’s worst-performing cryptocurrencies after posting a double-digit loss over the past seven days.
The fall of FTX CEO Sam Bankman-crypto Fried’s empire has generally caused the crypto market to lose roughly $200 billion in value just in the last week.
This has affected investor trust in digital assets.
As the value of crypto assets has fallen, FTX is the fourth cryptocurrency startup to experience financial hardship this year.
Notable failures include the Asia-based hedge fund Three Arrows Capital and Celsius, a bank-like organization that accepted cryptocurrency deposits in exchange for interest.
Shiba Inu (SHIB) currently has a price of $0.00001003 with a trading volume of $485,016,571 in the past 24 hours.
This reflects a -8.48% price drop in the last 24 hours and a -16.72% price drop over the previous 7 days.
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