For those that have been following the markets, there was some sell-off surrounding a lot of call positions with Bitcoin. There was an issue with Silvergate banking and a lot of crypto companies were selling. A lot of positions have been liquidated surrounding Bitcoin causing a trickle-down effect on the broader crypto market. As well as seeing some of the side effects of the macroeconomic factors that are still ongoing and looming in the broader market. As it relates to Shib, the number 15th-ranked crypto in total market capitalization. Shib is down six and a half on the month as of the time of writing.
There is a lot of volatility and a lot of swing trading going on as people await the news with Shibarium. Despite going through the bear market, a lot of people still making money and there is a way to do that surrounding swing trading. There will be ongoing market manipulation but as retail investors, we need to find a silver lining when it comes to meme tokens and how profitable they can be as a whole. When we talk about the Shib million that came about, the was first spurred about when we had a 1,069% to an all-time high-level back in October 2021. Since then, we have since retreated almost 87% and now it is trading at $0.00001093.
At those all-time highs, it was $0.00007924, you can see how drastically Shib has fallen off the board. It is now 2023 but it has been simply almost about 15 months since the all-time high. You can add the piece together when we talk about how naive crypto was and the maturing process to get to where we are today. The adoption is there, don't think for a second the institutional players can't get back into the game and vault Shiba Inu as well as the whole crypto landscape back to near all-time highs. Crypto is far more advanced than when it was are it an all-time high. Any good news is good news crypto and we are probably going to have some rumors about Mill price action when it comes to Shibarium being released. We will see that spike coming and that is going to happen. A lot of that Shib millionaires were made before Shib hit the $0.00007424 level.