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.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.