SHIBA's Wild Ride: From 3,000% Surge to 84% Plunge

SHIBA's Wild Ride: From 3,000% Surge to 84% Plunge



A new meme-inspired cryptocurrency named Shiba ($SHIBA), which has self-dubbed itself as the “Birth of a New King,” experienced a staggering 3,000% increase in its price earlier this month. However, it has since plummeted, now sitting at an 84% decrease from its all-time high.



Etherscan, the Ethereum blockchain explorer, reveals that although SHIBA is not available on centralized crypto trading platforms such as Coinbase and Binance, it has garnered significant trading volume, reaching almost $250,000 million within a 24-hour span on Uniswap, a well-known decentralized exchange.



CryptoGlobe reported the surge in SHIBA’s price earlier this month, linking the price hike to the token’s low liquidity. Ethereum blockchain data indicates that SHIBA has been part of 28,200 transactions and is held by 2,047 owners.



The cryptocurrency h


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