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Why shiba inu coin is down -41% today

By James Laurent

The Shiba Inu coin, launched less than a year ago and named after the dog breed, is a cryptocurrency that trades as SHIB and champions itself as the “Dogecoin killer.” A single SHIB coin is nearly worthless—less than $0.000029 as of Wednesday—but its trading surged this week after it was added to cryptocurrency trading platforms OKEx and Binance. Chinese traders have helped propel SHIB’s rise, with the Chinese-founded exchange Huobi , which is popular among chinese traders, handling the largest share of shib's trading volume in recent days.

SHIB’s 24-hour trading volume is over $8 billion, and it has a market capitalization of over $11 billion, according to CoinMarketCap.com. Before SHIB was added to the trading platforms this week, its trading volume maxed out at just over $500 million in a single day, and as recently as January its daily trading volume was lower than $1.

But today ..Tueaday May 11th the coin price has dropped down 41% on no nows whatsoever . 

Take a Look below :


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