Why Shiba Inu Coin Sunk 7% Today

The downward trajectory of popular meme token Shiba Inu (CRYPTO: SHIB) is continuing Tuesday. As of 8 a.m. ET, it  had fallen by more than 7% over the previous 24 hours. 

Earlier this week, it was reported that Shiba Inu had been dethroned as the most-traded cryptocurrency on popular exchange Coinbase (NASDAQ: COIN). Top cryptocurrencies Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH) saw more trading volume than the meme token for the first time in three weeks. 

Additionally, Shiba Inu's official Twitter account flagged various scams using the cryptocurrency to target investors interested in altcoins. The official Shiba Inu team has reiterated that it is not conducting any promotions of the token -- no airdrops, no giveaways, no gifts, etc., so any social media account that says otherwise is likely involved in a scam.

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Source Fool.com