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- SHIB's value has experienced a significant decline but is trying to recover.

- The Shiba Inu community's demand for its addition on Robinhood resulted in a surge in its value in late 2021.

- The presence of cryptocurrency whales who have been offloading substantial amounts of SHIB has been affecting its growth.

The value of SHIB has experienced a significant plummet, but the cryptocurrency is currently making a valiant effort to rally. At this juncture, the meme-inspired coin is being exchanged for $0.00001124 and boasts a market capitalization of $6,586,869,163, with a trading volume of $383,740,846 over the last 24-hour period.

The Shiba Inu community fervently sought to have their beloved cryptocurrency listed on Robinhood Markets Inc., which resulted in a remarkable surge in its value, reaching an all-time high of $0.00008845 in late October of 2021. However, despite the fervent demand, the altcoin was not added to the exchange until April of 2022. Nonetheless, its ascension to becoming the meme coin with the highest market capitalization, surpassing even Dogecoin, led to its widespread adoption by cryptocurrency enthusiasts.

Unfortunately, the cryptocurrency market crashed during Q2 of 2022, and SHIB's value also experienced a sharp decline. From its peak of 0.000026 in April 2022, its worth plummeted to a meager $0.000008 by mid-June of the same year. Since then, it has struggled to regain its former glory, languishing at $0.00001009 at present.

The growth of the Shiba Inu currency is also being influenced by the sizeable presence of cryptocurrency whales who have been offloading substantial quantities of the memecoin. According to a report, these whales had previously amassed a staggering $1 billion worth of SHIB coins. However, they have been intermittently selling and eliminating the currency, and as a result, their holdings have significantly dwindled. At present, they only possess a small fraction of their previous holdings.

The significance of community to the success of SHIB is apparent. Whether it be their persistent appeals for its inclusion on Robinhood's platform or their petitions for McDonald's to accept it as a form of payment, the community has consistently united in their support for the expansion of SHIB.