SHIB Token's Value Sinks 75%: Shiba Inu Slides Down to 19th Spot

SHIB Token’s Value Sinks 75%: Shiba Inu Slides Down to 19th Spot

Updated: 03 July 2023

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The SHIB Token’s value plummets 75%, causing Shiba Inu to fall to 19th in the rankings. Investors and Shiba Inu enthusiasts are concerned about the cryptocurrency market’s future trajectory due to this substantial decrease.

Shiba Inu Token Burns Drop by 75% as Shibarium Launch Nears

Due to inactive wallets, hundreds of millions of Shiba Inu tokens have been destroyed. Shibburn data shows that token burn rates have declined by almost 75%. Shytoshi Kusama says Shibarium Layer 2 will be released soon. Shiba Inu is 19th on Coinmarketcap.

Some of the biggest crypto investors have adopted the Shiba Inu token. Due to its low price and potential for significant returns, it’s a popular investment option. The Shiba Inu token’s popularity will continue to rise with Layer 2.

In the past week, Shibburn tweeted that the SHIB community moved around 259 million Shiba Inu meme coins to inactive wallets. Compared to last week, this is a significant decline of 75.08%.

HOURLY SHIB UPDATE$SHIB Price: $0.00000766 (1hr -0.32% ▼ | 24hr 1.26% ▲ )
Market Cap: $4,518,920,462 (1.34% ▲)
Total Supply: 589,349,678,807,181

TOKENS BURNT
Past 24Hrs: 12,109,422 (-33.63% ▼)
Past 7 Days: 259,435,386 (-75.08% ▼)

— Shibburn (@shibburn) July 3, 2023

In addition, Shibburn reported that 12 million SHIB had been disposed of in the last 24 hours, which is 33.63% less than on Sunday when they got rid of 18 million Shiba Inu meme coins. Since then, the burn rate has increased by 135.16%.

The statistics on June’s burns came in over the weekend from Shibburn. 1,653,845,435 meme coins were transferred to wallets that couldn’t be used that month.

Shytoshi Kusama Teases Set Date for Shibarium Launch

In the “Shibarium Tech” Telegram channel, Shytoshi Kusama, the team leader for the Shiba Inu meme coin, shared some information last week. SHIB supporters thought he meant Shibarium. Shytoshi says a specific date and plan for the launch have already been set. He can’t change them despite some user’s requests for an earlier launch.

Additionally, he said SHIB was moving “somewhere” outside the US. According to some SHIB users, Kusama might be talking about ETHToronto, August 15-16. Kusama said “Everything is already set” and can’t be changed.

Shiba Inu meme coin SHIB has gained 2.15% in the past 24 hours, trading hands at $0.00000770. Since Friday, June 30, SHIB’s market value has increased by 5.26% in the past few days.

The market capitalization of SHIB has risen steadily since June. From June to now, the coin has been trading in a tight range.

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