Shiba Inu Dodges Sub-$0.000016 Plunge Amidst Bitcoin-Fueled Market Rout
- Shiba Inu plummets 10% to $0.000016 as Bitcoin’s decline sparks a crypto market correction.
- Mt. Gox’s ongoing BTC distribution intensifies selling pressure in the market.
- Shiba Inu Army remains optimistic about the future, anticipating a rebound with the arrival of altcoin season.
Shiba Inu has been hit hard by the current crypto market correction, driven by Bitcoin’s decline. Today, Shiba Inu narrowly avoided dipping below the $0.000016 mark, plunging nearly 10% from its intraday peak of $0.00001756. As of press time, SHIB was trading at $0.00001622, effectively erasing its recent weekly gains due to the bearish market sentiment.
Shiba Inu’s bearish performance is largely linked to Bitcoin’s price decline, triggered by the frenzy surrounding Mt. Gox’s ongoing distribution of $9 billion in BTC and BCH to creditors. Today, Bitcoin plummeted to a low of $63,833, a significant drop from its intraday high of $67,113.
The Mt. Gox distribution, facilitated by centralized exchanges such as Bitstamp and Kraken, is expected to take place over the next 60 to 90 days. While Bitstamp aims to expedite the process and complete it ahead of schedule, Kraken has also begun…
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