Within the past 30 days, the market capitalization of Shiba Inu has dropped by about $1 billion due to the value of the SHIB coin meme dropping by more than 20%.
Data from Coinmarketcap shows that the market capitalization of Shiba Inu currently stands at around $4.3 billion, significantly lower than the $5.31 billion recorded on May 23. This drop is related to a sharp drop in the price of the digital asset, as the price of SHIB dropped to as low as $0.00005979 before rallying back to its current level of $0.0000073.
CAUSES SHIB HAS DIFFICULTY
Within the past 30 days, the price of Shiba Inu has experienced many fluctuations, possibly related to the unfavorable market conditions during this time. The crypto industry has faced many significant obstacles as the SEC (U.S. Securities and Exchange Commission) sued major crypto exchanges such as Coinbase and Binance for alleged violations of securities laws. state.
In addition, the emergence of new memecoins such as PEPE, Milady, and WOJAK has attracted the attention of some traders, causing them to diverge from previous popular memecoins such as Dogecoin and Shiba Inu.
This means that the short-term price increase of the memecoin from March to April did not significantly affect Shiba Inu as investors focused on these new projects.
SHIBA INU INVESTORS BETWEEN SHIBARIUM
Meanwhile, some Shiba Inu owners are counting on the expected launch of Shibarium, a Layer 2 network, to change the situation.
Shibarium has been in development for over a year, and the Puppynet testnet has seen a significant amount of transactions. Notably, the network has surpassed the number of 22.5 million transactions and the number of addresses has reached 16.9 million.
Shibarium can bring significant improvements to the Shiba Inu ecosystem, providing scalability and faster transaction processing. The launch of Shibarium could create positive momentum for Shiba Inu and could affect the value and market sentiment of this token in the future.
SHIB BURN RATE UP 281%
Data from Shibburn shows that Shiba Inu’s “burn” rate has skyrocketed 281% in the past 24 hours, reaching 1.3 million tokens. This indicates significant growth in the Shiba Inu ecosystem. However, the “burn” rate of the memecoin dropped by 87.97% within 7 days, to 38.67 million SHIB.
The SHIB “burn” rate is one of the key priorities of the community, as it helps to reduce the token supply in the market. Some SHIB holders expect that an increase in the “burn” rate will have a positive effect on the value of the remaining tokens.
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