The cryptocurrency market has been crashing for the past 3 weeks, with an almost $145 billion drop in global market capitalization. The Shiba Inu (SHIB), the second largest meme currency, has not been a safe haven for its holders.
The price of SHIB has been continuously declining over the past 30 days along with the global cryptocurrency market cap, which has fallen from around $1.28 trillion to nearly $1.35 trillion at the time of writing, according to data. available By CoinMarketCap (CMC).
Furthermore, the shiba inu started the month at $0.00001 with a 24-hour trading volume of nearly $130 million. After holding for six days, the SHIB price fell further, and the burn rate decreased.
The dog-themed meme coin is down around 0.1% over the past 24 hours and is trading at $0.0000087 at the time of writing, marking a five-month low — last seen in early January. While the shiba inu’s declines have cost it market cap in succession, the asset still holds the 15th largest cryptocurrency list with a market capitalization of $5.16 billion.
Moreover, as the price decreases, so does the SHIB burn rate She fell by another 9%, with just 1.8 million tokens – worth about $15 – sent to dead wallets in the last 24 hours. According to SHIB BURN data, the last large Shiba Inu burning transaction — 3.01 billion coins, worth about $27,000 — occurred on May 15.
While the asset’s price and burn rate remain low, WhaleStats data Offers SHIB remains the most traded token among the top 100 Ethereum (ETH) whales. According to the data, the largest ETH whales traded 3.13 trillion SHIB tokens, with an average value of more than $27.5 million.