June 18 (Cointime) - Shiba Inu's market capitalization has decreased by approximately $1 billion in the past month, with the value of its SHIB token falling by over 20%.

According to BeInCrypto, Shiba Inu's market capitalization is currently at $4.3 billion, down from $5.31 billion on May 23. The decrease in value coincided with a sharp drop in the digital asset's price, which fell to as low as $0.000005979 before rebounding to its current level of $0.0000073. The decline in price can be attributed to unfavorable market conditions, as well as the emergence of new memecoins that diverted attention away from Shiba Inu. However, Shiba Inu holders are hopeful that the upcoming launch of its layer-2 network, Shibarium, will help turn things around.