Shiba Inu Plunges Back Down as Shibarium Network Suffers 74% TVL Collapse

Shiba Inu's recent price recovery has been short-lived, with the memecoin dipping to $0.000005 after briefly reclaiming the $0.000006 level.

The drop in price comes as Shiba Inu's Shibarium network experiences a significant decline in Total Value Locked (TVL), falling 74% from over $120,000 to around $31,000.

The larger cryptocurrency market is also showing signs of slowing down, with Bitcoin dipping to $79,000, and concerns about a potential liquidity drain as the US Treasury replenishes its coffers.

Additionally, inflation in the US remains above the Federal Reserve's 2% target, increasing the likelihood of interest rate hikes that could negatively impact Shiba Inu's price.