Shiba Inu (SHIB) fell 14.9% over the past seven days and is now trading at $0.00001057.
Bloomberg analyst Joe Weisenthal sees SHIB’s lacklustre performance as a sign of a vicious bear market.
Bitter Crypto Winter Just Getting Started
In recent months, the adoption and usage of Shiba Inu have failed to move prices.
SHIB was among the six new tokens included in the upcoming listing by crypto exchange BitMEX, with trading scheduled to begin later this week. However, as the charts indicate, the announcement failed to prop up the price of the market’s 13th-largest cryptocurrency — displaying sluggish growth for a token that is known to be highly volatile.
The popular dog-themed token now has a market capitalization of sub-$6 billion, which according to the Odd Lots podcast co-host, Joe Weisenthal, suggests the crypto market is now firmly in a “brutal” bear market.
It’s been nearly a year since the record meme coin craze saw SHIB achieve a lifetime high of $0.00008845. Today, much to the holders’ chagrin, the asset has lost 88.8% of its value since hitting the historical record and is trading down around 67.8% since the beginning of the year.
Bitcoin Falls Below $19K Ahead Of Today’s CPI Inflation Report
Elsewhere in the market, bitcoin dropped below the $19,000 region as traders awaited the crucial inflation report, which shows that prices across the range of goods the index tracks have increased 8.2% from a year earlier. BTC is trading for $19,428.91 at press time — a decrease of 2.5% over the last 24 hours.
The data was widely expected to show annual inflation increasing by 8.1%. That means the U.S. Federal Reserve will continue to aggressively hike interest rates in a bid to cool the economy and put the brakes on the soaring inflation. Such a pre-liquidity tightening stance curbs demand for riskier assets, including cryptocurrencies.
Ethereum, the second-biggest crypto by market cap, is down 4.5% in the past day, changing hands at $1,287.15.