Shiba Inu Coin Hit Seven-Month Low As Markets Worsen

Shiba Inu coin hits a seven-month low as the markets worsen and the rest of the cryptocurrencies freefall as well so let’s read more today in our latest altcoin news.

The price of the Shiba Inu coin hits seven-month low and dropped 8.9% overnight and trades at $0.00001723 according to the data from CoinMarketCap. The popular meme coin is also down by 19% over the past week and hit the levels last seen in October 2021. With a market cap above $9.5 billion, Shiba is the market’s 15^th most valued cryptocurrency and the asset’s latest price action came despite the community efforts to keep the coin more scarce.

About two weeks ago, the team behind the Shiba Inu launched a new burn mechansim designed to decrease the token’s circulating supply while rewarding the holders with yield-generating tokens and since the launch, the community used the new burning portal to destroy more than 26.3 billion coins from the initial supply worth about $460,000 at current prices. And according to the tracking website Shibburn, the SHIB army burnt more than 200 million tokens in the past day alone. The biggest meme coin dOGE is down by 3.83% over the past day and changed hands at $0.1211 at the time of writing. DOGE is the 12^th biggest crypto by market cap and it is now trading at levels not seen since March 22 as per the data from Coingecko.

Somewhere else, the broader crypto market carnage intensified over the course of the past day. BTC fell below $35,000 for the first time since January and the leading crypto dropped another 3% in the past day and trades at a 10-month low of $33,373 as per coinMarketCap. Ethereum is down 4.59% over the same time and the second biggest crypto is now changing hands below $2500 which is a level not seen since the end of January. At the time of writing, the market cap of the cumulative market is standing above $1.5 trillion.

As recently reported, The team behind one of the most popular memecoins Shiba Inu launched a burning mechanism that allows holders to burn their tokens and generate passive income. Shiba Inu launched a new SHIB burning portal as functionality that enables users to send their coins to a burn address and this is a wallet from which SHIB will no longer be retrievable which emans that once the tokens are sent there and can never be retrieved again and will be gone forever.