SHIB erases nearly $2 billion from its market cap in a month

Even though many assets in the cryptocurrency market have started to slowly recover from the recent dip amid sideways trading, Shiba Inu (SHIB) has been among those that have continued to register losses, particularly in terms of its market capitalization.

Specifically, the dog meme cryptocurrency has lost $1.85 billion from its market cap across the past month, slipping from $6.1 billion, where it stood on August 14, to the current $4.25 billion, as of the latest data from crypto monitoring platform CoinMarketCapon September 13.

On top of that, only 9% of all SHIB holders are currently in profit, as opposed to 89% of them who are sitting on unrealized losses, according to the most recent information retrieved from the crypto analytics platform IntoTheBlock.

SHIB price analysis

Meanwhile, Shiba Inu was at press time changing hands at the price of $0.00000721, which represents a decline of 0.33% in the last 24 hours, adding up to the 5.72% slump across the previous seven days, and more substantial losses, amounting to 30.28%, on its monthly chart.

Notably, the steady decline for Shiba Inu has persisted despite its team’s work on the layer 2 blockchain Shibarium, which has achieved significant results, recording over 2 million transactions after its relaunch following a traffic-related failure, as its lead developer stressed the importance of adoption.

However, the Shiba Inu network has multiple important developments in preparation, such as renouncing the BONE contract, Shibaswap 2.0, the TREAT reward token, Shiba Hub, and the Metaverse, which could give one of the most well-known crypto assets a necessary push towards $0.001.

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