Shiba Inu Price: Shiba Inu burned about 400 trillion tokens to limit supply; blood 13%

The cryptocurrency market has failed to sustain the recovery, especially in the meme token, which has fallen like a pack of cards over the past few hours.

The second biggest meme coin among them is the Shiba Inu (SHIB), which has fallen about 13 percent over the past few hours, turning red again on a weekly basis.

The coin, which is trading for a few fraction cents, fell from $0.000001108 to $0.000009699 on Wednesday. However, it was trading at $0.000009859 at 13.45 hours IST.

The total market for the Shiba Inu was a little over $5.4 billion, with volume remaining flat as $505.65 million of coins were exchanged over the past 24 hours.

Taran Chanana, MD and co-founder of Memechat, said that a large amount of Shiba tokens were burned. They were taken out of circulation by being carried in an unopened purse to be permanently locked.

“Shiba is also one of the 15 tokens that Crypto.com has removed from its Crypto Earn Rewards program, adding to the woes of holders,” he added.

The Shiba Inu team launched the Burn portal to help solve the issue of the massive supply of SHIB tokens. The adoption of Burn Portal has been impressive so far. Over 400 trillion tokens have been burned.

Despite this move, there are still 549,063.28 billion tokens in supply. The token is deflationary, meaning there is no maximum limit on the number of SHIB tokens.

Mudrex co-founder and CEO Edul Patel said the market has been bearish since the beginning of this week and the Shiba Inu is no exception.

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At this point, Crypto.com’s announcement has hurt investor sentiment, leading to a drop in the current value as earnings programs are crucial in bringing sidelined funds into the crypto market.

Unocoin co-founder and CEO Satwik Viswanath believes that the crypto ecosystem is under serious pressure, and the actual usefulness of the meme token is always under scrutiny.

“They have received high appraisals because of the influence of social media.

E, which are unfair,” he said. “They are all being done right, and should be realistic in the current scenario.”

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