Shibu Inu Token At an All Time Low as Market Worsens

Shiba Inu (SHIB) fell 8.9 percent overnight, trading at $0.00001723 at press time, according to the data from CoinMarketCap. The famous meme parody cryptocurrency has also dropped over 19% in the previous week, reaching values last seen in the month of October 2021.

Shiba inu coin

Shiba Inu is now the market’s 15th most valuable cryptocurrency, with a market valuation just above $9.5 billion. Despite the community’s previous attempts to make SHIB scarce, the asset’s newest price movement occurs.

The Shiba Inu team developed a new burning mechanism around two weeks ago, with the goal of decreasing the token’s circulating quantity while rewarding holders with a yield-generating token.

Since the coin’s first release, the community has utilised the new burning gateway to destroy around 26.3 billion SHIB from the coin’s initial supply, which is worth over $460,000 at current values.

Shiba Inu Transactions

According to Shibburn, the “SHIB Army” has burned more than 200 million tokens in the last 24 hours alone. Meanwhile, the largest meme coin, Dogecoin (DOGE), is down 3.83 percent in the last day, trading at $0.1211 at the time of writing.

DOGE, the industry’s 12th-largest cryptocurrency by market capitalization, is now trading at levels last seen on March 22, according to CoinMarketCap.

Meanwhile, the larger crypto market disaster has accelerated over the previous day. Bitcoin (BTC) went below $35,000 for the first time since January on Sunday, and the top cryptocurrency has lost further 3.3% in the last day, now trading at a 10-month low of $33,375, according to CoinMarketCap.

 

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Abhishek Singh

Abhishek Singh

Abhishek is a Digital marketing graduate with extensive experience in writing for finance, lifestyle, and tech. He has worked with numerous marketing and advertising agencies throughout his professional career. His interest in the world of Gaming and technology motivates him to stay informed about every little detail and write with passion.