A.long with Bitcoin, the world’s first cryptocurrency, Ethereum and other altcoins are currently on a downward trend. Among these altcoins, even meme currencies like Dogecoin and Shiba Inu are facing the heat.
However, with the latest announcement, Shiba Inu holders are quite relieved. Shytoshi Kusuma, one of Shiba Inu’s developers has disclosed the currency’s new updates. and Shibarium.
Though the currency isn’t in that good position, there is a rare momentum witnessed among crypto whales. According to WhaleStats, a whale tracking app, the first 5000 Ethereum whales have $143.06 million worth of SHIB and also SHIB is their largest holding currently.
On the other hand, Shibburn, the burning site for Shiba Inu, has experienced a rise in the rate at which the tokens are burnt. Hence, 550 million SHIb tokens have been transferred to dead wallets in the last eight days. Even on September 16 , the burn rate marked nearly 200 million coins pushing the rate nearly 3,000%
Shiba Inu Price Action In Trouble
At the time of writing, Shiba Inu is selling at $0.00001086 after a drop of 5.41% over the last 24hrs and a weekly loss of more than 14%. The bearish sentiment that is blanketed all over the crypto market has impacted the currency.
Nevertheless, during the time of publication, 157.4 billion SHIB had been marketed in profit margin against nearly 284 billion SHIB that had been traded in shortfalls. This merely served to highlight the miserable condition of the meme coin, which is still trending downward along with the rest of the cryptocurrency market.
Also, the MVRV ratio was impacted by the currency’s declining price action. At the time of writing SHIB’s MVRV ratio is positioned at -14.38% which indicates that there is a huge drop in the trader’s profit sharing ratio.