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Shiba Inu NFTs value have plunged from its last highs

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Shiba Inu NFTs (Shiboshis) have also gained notable traction as the meme coin over the past year. NFT projects have continued to make headlines, still it seems that not all projects have the potential to maintain their previous valuations. Following the market, it seems like the 2000s dot-com boom when all the tech stocks were skyrocketing but only a few were able to survive. Considering the fact, we have noted that in recent development, Shiboshis have plunged by more than 70% from their last all-time high. Following the dip in the value of the Non-Fungible Tokens have been considered a hyped drop.

Shiba Inu NFTs have witnessed notable love

The official team behind the meme coin that made its investors billionaire over the past year, had launched their own NFT project. The 10k unique crypto tokens that represent various lovable creatures garnered mainstream attention as the meme-coin. At the time of launch, the project promised to offer a heads-up before the  official launch.

It was incredible that the sale took place in November 2021, when each of the crypto collectibles were minted at a different price span from 0.1 ETH to 0.3 ETH. However, at press time the floor price of the lovable creatures collection sits at 0.65 ETH which is indeed a good return.

Shiboshis seems losing its legacy

Although the Non-Fungible Toke project gained notable love from the NFT community, it has lost its value. Many believed that the Shiba Inu NFTs collection is facing a hyped drop. Notably, the project lost more than 70% from its last all-time high of the average sale price that was witnessed back on November 6th.

According to data from OpenSea, one of the leading NFTs marketplace, when the project was first launched, the average price that Shiboshis were going for was 2.5 ETH. Indeed, the project has probably much to do with the overall depressing price action of the Shiba Inu tokens in the past months.

It is also notable that the crypto token is trading by more than 71% below from its last ATH. However, although the crypto token has plunged from its last all-time high, it is still up by more than 44 million times from it’s all-time low that was recorded a year ago.

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