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Shiba Inu’s Performance Indicates “Brutal” Bear Market, Bloomberg Analyst Says

Thu, 10/13/2022 - 06:17
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Alex Dovbnya
Joe Weisenthal, co-host of the “Odds Lots” podcast, has suggested that Shiba Inu’s shrinking valuation might be a sign of a “brutal” bear market
Shiba Inu’s Performance Indicates “Brutal” Bear Market, Bloomberg Analyst Says
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Joe Weisenthal, co-host of the “Odds Lots” podcast, half-jokingly noted that the fact the market cap of the Shiba Inu (SHIB) token is now below the $6 billion means that the cryptocurrency industry is now in “a brutal bear market.”

The popular meme cryptocurrency is trading at $0.00001003 on the Bitstamp exchange, according to CoinGecko data.

The SHIB token is currently valued at $5.9 billion after its price declined 88% from the all-time high of $0.00008616 that was reached last October.

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At its peak, the cryptocurrency was worth more than $40 billion, surpassing the value

Some Twitter users, however, believe that the joke cryptocurrency is still worth too much. “Yes, Shib being zero would be like the beginning of a real bear market,” @Blueelectron4 wrote.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.