One of the most popular meme coins, Shiba Inu, has been struggling recently. Since it is mainly driven by hype, the market’s fear, uncertainty, and doubt (FUD) right now, caused by massive sell-offs and regulatory uncertainty, is not helping it.
Shiba Inu has lost 5.7% of its value in the last day. During the past week, the price of SHIB fell by 9.8%.
There are many different reasons why the coin and crypto markets are going down. One of the main reasons is that bitcoin (BTC), now worth less than $20,000, has fallen.
Since BTC is the most crucial cryptocurrency, it pulls the other coins in the same direction when prices vary. Also, there have been great examples of considerable sell-offs in the crypto space.
In just 24 hours, Voyager sold crypto worth about $56 million. During their selling spree, the company sold 400 billion Shiba Inu tokens worth more than $4.4 million. They still have other SHIB tokens worth about $44 million.
— Lookonchain (@lookonchain) March 9, 2023
There have been a lot of sales and questions about the rules.
As the weekend gets closer, both the stock and crypto markets are going down hard. Today, the whole crypto market fell by more than 7% in 24 hours and went below $1 trillion.
The crypto market took a big hit after burdensome crypto regulations and President Biden’s latest budget plan were made public. The NYAG sued Kucoin and called ETH security all in the same day. The White House also said it would propose a 30% tax on mining bitcoin and other digital assets.
In the new budget, Biden’s government plans to raise taxes over the next ten years to bring in an extra $5.5T for the US. Also, people are worried that the Fed will raise interest rates, which has caused the stock market to crash and lose over $2T in the US in just 24 hours.