Dogecoin Rival Shiba Inu Plunges 27% in Massive Sell-off

Shiba Inu loses about 27% of its value, as the community continues to burn SHIB tokens. The Twitter account @shibburn has informed that another big amount of Shiba Inu tokens have been burned in the last twenty-four hours – 75,828,000 tokens.

Shiba Inu has recently become a hot subject in the crypto industry, owing to the fact that its perceived worth is solely based on an online meme, despite the fact that it has made it into the top ten most valuable cryptocurrencies by market capitalization. However, as a result of today’s price dip, SHIB has dropped out of the top ten, with a market valuation of just $27 billion. Traders have swapped $9.6 billion worth of meme coins in 24 hours.

SHIB was intended as a replacement for Dogecoin, the most popular meme currency by market capitalization and Tesla CEO Elon Musk’s favourite. Unlike DOGE, which has its own network, SHIB runs on Ethereum. Meme coins and tokens, such as SHIB, are cryptocurrencies based on internet memes or personalities that serve as a lighter alternative to the more serious Bitcoin and Ethereum. They tend to rapidly increase or decrease in value.

Despite the great amount in crypto, it is only worth $1,448 in US dollars. Thirteen transactions were used to burn (transfer to an unspendable wallet). Shiba Inu has a startling initial supply of one quadrillion. 41.03014 percent of it has now been consumed by fire. A million SHIB was later paid to the dead wallet, according to the same Twitter account. However, this does not assist the coin’s price to recoup and surpass its all-time high of $0.00008845 set in October.
At the time of writing, the token was down roughly 23.41%, trading at $0.00001913.

The coin has likewise dropped to 16th place. More than 2.5 billion Shiba Inu have been burnt since December 1, with over 428 million SHIB torched over the weekend. Shiba Inu engineers are working on new ways to get these meme coins out of circulation, according to Steven Cooper, a notable SHIB community member whose business participates actively in burning SHIB.

On January 20, the total number of SHIB holders reached a new high of 1,150,173. Shiba Inu has a startling initial supply of one quadrillion. 41.03014 percent of it has now been consumed by fire.

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