Shiba Inu Prices Drop by 7 Percent

The effect of the decline in the crypto market is visible on Shiba Inu, one of the world's 10 most favorite cryptocurrencies. On Saturday, there has been a strong fall in the price of Shiba Inu Coin (SHIB). Due to this fall, its price has come down by 6.81 percent.

After this, the price of this coin has come down by Rs 0.000059 to Rs 0.000808. At this price, its market capitalization has come down to Rs 440.8 billion. According to the official website, the creators of SHIB created it by taking inspiration from Dogecoin whereas, the creators of Shiba Inu intended to make SHIB more than just a joke. The SHIB token is an ERC-20, and the Ethereum network is compatible with the Ethereum network. The Shiba Inu has been called the 'Dodgequin killer' by its community.

The token is supported by a large community of coin holders. It has been promoted on social media like Reddit and Twitter. The crypto market is very volatile and unpredictable. Often cryptocurrencies, which have no reason to be on top, are pumped. Last year, the Shiba saw a boom after a tweet by Tesla CEO and Dogecoin investor Elon Musk.