Shiba Inu Token Hits Seven-Month Low as Crypto Market Worsens
The price of Shiba Inu (SHIB) plunged 8.9% overnight, trading at $0.00001723 at press time, per CoinMarketCap.The popular meme cryptocurrency is also down almost 19% over the past week, touching the levels last seen in October 2021.
With a market cap slightly above $9.5 billion, Shiba Inu is now the market’s 15th most-valued cryptocurrency.The asset’s latest price action comes despite the community’s recent efforts to keep SHIB more scarce.About two weeks ago, the team behind the Shiba Inu launched a new burning mechanism designed to decrease the token’s circulating supply while rewarding holders with a yield-generating token.
Source
@Doge_ShibaInu
