Times aren’t quite pleasant for Shiba Inu as it is at the receiving end of the crypto market retracement. It will not be an exaggeration to say that the meme coin has been one of the worst hit, and it has been struggling to maintain a firm footing in the market. This downward spiral of the once popular meme coin might be quite surprising for a few. However given the high volatility of crypto in general, it is only quite natural. Before things started going downhill, Shiba Inu was among the top ten crypto currencies. However the crypto retracement has led to the meme coin to lose footing and ricochet to the 13th position. Read along to know more.
The What and Why
Before disaster struck, SHIB was indeed one among the top 10 cryptocurrencies by mark cap, and it would have continued its victorious march if not for the market retracement that shook the entire crypto domain. Following this, SHIB receded to the 13th position after its failure to hold an important technical level.
Despite the tough phase, SHIB has indeeded made some progress last week as it rocketed to the 12th place from the 16th place. However, this was only a temporary relief as the market witnessed yet another decline on Thursday when bitcoin fell below $22,000. SHIB was to follow suit as its price saw a tremendous decline, down to a total of 12.76 percentage. The consistent decline has had a rather adverse impact on the meme coin, dragging its price down to $0.000129. With this decline, SHIB’s market cap has come down to $7.11 billion.
Although the situation is far from favourable, SHIB is not ready to give up yet. It is in fact ramping up to make a return and claim back its rightful position. For instance, the implemented burn has been quite helpful in propping up the price of the Shiba Inu over the past few months. Particularly in the last month, investors have taken great care to ramp up their burn rate in order to preserve the value of the token. According to the information from Shibburn, a total of 410 trillion SHIB has been burned. Shibburn is a website that keeps track of the tokens being burned. More than 200 million tokens have been burned in the last 48 hour period alone. It is a fact that SHIB indeed has a long way to go before it recovers from the damage caused by the market retracement. However, all hope is not lost, and perhaps in the following weeks, SHIB might indeed surprise the crypto community.
