The token, which trades for some fractional cents, plunged to $0.000009699 on Wednesday from $0.00001108. However, it was trading for $0.000009859 at 13.45 hours IST.The total market of Shiba Inu was a little over $5.4 billion, with volume remaining flat as coins worth $505.65 million exchanged hands in the last 24 hours.
The recovery in the crypto markets failed to sustain, particularly in the meme tokens, which have fallen like houses of cards in the last few hours.
Among them is Shiba Inu (SHIB), the second-largest meme coin, which has tumbled almost 13 per cent in the last few hours, back into the red on a weekly basis.
The token, which trades for some fractional cents, plunged to $0.000009699 on Wednesday from $0.00001108. However, it was trading for $0.000009859 at 13.45 hours IST.
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The total market of Shiba Inu was a little over $5.4 billion, with volume remaining flat as coins worth $505.65 million exchanged hands in the last 24 hours.
Taaran Chanana, MD and Co-Founder, MemeChat, said that a large amount of Shiba tokens were burnt. They were removed from circulation by moving them to unspendable wallets to be locked permanently.
“Shiba is also among the 15 tokens which are being removed by Crypto.com from its crypto Earn Rewards program, adding to the woes of the holders,” he added.
The Shiba Inu team launched the burn portal to help address the issue of the massive supply of the SHIB tokens. The adoption of the burn portal has been impressive so far. Over 400 trillion tokens have been burned.
Despite this step, there are still 549,063.28 billion tokens in supply. The token is deflationary, which means there is no maximum limit on the number of SHIB tokens.
The market has been on a bearish trend since the start of this week, and Shiba Inu is no exception, said Edul Patel, Co-Founder and CEO of Mudrex.
At this point, the announcement of Crypto.com has hurt the investors’ sentiment leading to the current price decline as earning programs have been vital in bringing sidelined money into the crypto market.
Sathvik Vishwanath, Co-Founder & CEO, Unocoin, believes that the crypto ecosystem is under severe pressure, and the actual utility of the meme tokens is always under scrutiny.
“They have gained higher valuations on the back of social media influenc
e, which are unfair,” he added. “They are all getting corrected, and one should be realistic in the current scenario.”
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