Shiba Inu (SHIB) Hits 7-Month Lows as Bears Dominate Markets

The ongoing bearish sentiment in the crypto world sees the renowned dog token Shiba Inu crashing towards its 7-month lows on Monday.

The previous 24 hours saw Shiba Inu losing 8.9% towards the $0.00001723 (Coinmarketcap data). The canine-themed crypto maintained downtrends over the past week, losing nearly 19% within seven days. That had SHIB exploring value areas last witnessed in October 2021.

For now, Shiba Inu ranks 15th in the cryptocurrency list by value, its market capitalization standing briefly beyond $9.5 billion. The latest slump in the Dogecoin competitor emerged despite the recent efforts by the community to keep the tokens scarcer.

Shiba Inu’s team introduced another burning mechanism some two weeks ago, targeting to reduce the asset’s supply in circulation while rewarding users with yield-generating coins. Meanwhile, the community utilized the latest burning portal to abolish over 26.3 billion Shiba Inu from its initial circulation supply, worth approximately $460K at the current price.

Shibburn, the tracking platform, shows Shiba Inu Army destroyed over 200 million Shiba Inu coins within the previous 24 hours. The original meme coin, Dogecoin, also recorded declines within the last day, losing 3.83% to $0.1211.

Dogecoin ranks 12th in the crypto-list by market cap, and the latest crash has the token traversing levels last witnessed on 22 March (data from Coinmarketcap).

SHIB and Cryptocurrency Market Turmoil

The crypto market saw the condition worsening within the past day. Sunday sessions saw Bitcoin plummeting beneath $35K to explore price areas not seen since January. The crypto extended the downturn overnight, losing 4.5%. While writing these lines, BTC touched multi-month lows at $33,156.55 (Coinmarketcap data).

Ethereum, the 2nd –largest crypto, lost 5.95 within the previous day, changing hands around $2,409 at this publication. Remember, ETH has never visited the current lows since January end. The crypto’s high correlation with BTC sees it in turmoil amid Bitcoin’s fall. Declines by the leading cryptos reflect bearishness within the entire marketplace.

While publishing this post, the cumulative capitalization of the crypto market stood at $1.51 trillion, dropping 4.80% over the past day.

What are your opinions about the ongoing bloodbath in the crypto spectrum? Comment below.

By Edward Richardson
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