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Amid the broader cryptocurrency market downturn, Shiba Inu fell to its seven-month low

The Shiba Inu (SHIB) price fell 8.9% overnight, trading at $0.0000166 at press time. SHIB is also down nearly 19% over the past week, hitting levels last seen in October 2021. With a market cap slightly above $9.5 billion, this meme coin is currently the second most valuable cryptocurrency at 15th on the market. The asset’s latest price action comes despite recent efforts by the community to keep SHIB scarcer.

amid-the-broader-cryptocurrency-market-downturn-shiba-inu-fell-to-its-seven-month-low

BTC/USD 4-hour chart | Source: TradingView

Shiba Inu hits seven-month low as crypto market worsens

About two weeks ago, the team behind the Shiba Inu launched a new burning mechanism designed to decrease the token’s circulating supply while rewarding holders with a yield-generating token.

Since the launch, the community used the new burning portal to destroy more than 26.3 billion SHIB from the coin’s initial supply, worth about $460,000 at current prices.

According to the tracking website Shibburn, the “SHIB Army” has burnt more than 200 million SHIB in the past 24 hours alone.

According to WhaleStats, the 72nd-ranked Ethereum whale “Bombur” acquired a large amount of Shiba Inu, adding to his inventory these meme coins, which already constitute 1.14 trillion SHIBs. The transaction took place about 20 hours ago.

Ethereum whale “Bombur” is buying a total of 56,946,679,217 SHIB for $1,070,028. After the acquisition, the amount of Shiba Inu coins held by this crypto wallet increased to 1,147,843,854,587 SHIB.

Besides, “Bombur” and another crypto whale, “BlueWhale0073”, jointly acquired 128 billion SHIB, worth $2.208 million. The share that “Bombur” bought here is 53,788,394,748 SHIB. The total number of SHIB held by Ethereum whales remains under $1 billion, according to the main page of the WhaleStats website.

The whales’ Shiba Inu balances have been below this level for a week now, while previously holding SHIBs worth about $1.2 billion. However, the second-largest meme continues to hold the title of the largest crypto asset in USD terms.

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