Shiba Inu experiences another decline in value
The Shiba Inu cryptocurrency, known as SHIB, has returned to a decline just one day after experiencing a 12% increase in value. This surge came after the announcement that U.S. users could now purchase the meme coin directly through the PayPal app.
MoonPay revealed its partnership with PayPal on May 2nd, aiming to simplify the process of transitioning from traditional currency to cryptocurrencies like Shiba Inu. Through this integration, MoonPay customers using PayPal for online transactions can easily enter the world of crypto. They have the option to pay for their digital assets using their PayPal balance, debit cards, or bank transfers.
After the news broke, the price of SHIB rose by 11.98% to $0.00002553, following the trend of other popular meme coins such as Dogwifhat (WIF), Floki (FLOKI), and Dogecoin (DOGE) which also experienced double-digit increases.
In the last 24 hours, the value of SHIB has dropped by over 3%, currently trading at around $0.00002479. This decline was accompanied by a trading volume of $484,021,533, marking a decrease of more than 45% compared to the previous day.
Interestingly, Shiba Inu was not the only meme coin to experience a decrease in value. Many other major meme tokens that had seen significant gains recently also saw declines ranging from 0.88% to 4.83%. For example, Dogecoin, which had increased by 20.27%, is now trading at $0.1603, a 2.20% decrease in value in the last 24 hours.
Floki, which initially saw a rise of 21.58% over the weekend, is now in the negative territory with a 2.78% decrease in value. Similarly, Bonk (BONK), ranked sixth among meme coins by market capitalization, lost nearly 5% of its value. WIF, on the other hand, experienced the smallest decline at just 0.88%, after previously showing strong performance with a 29% increase at the start of the weekend.
In other news, Bitcoin has surpassed $60k following a positive US labor market report.
