The popular meme coin Shiba Inu saw its seven-month lowest point Monday amid the wider cryptocurrency market decline.
The price of Shiba Inu fell 8.9% overnight. It traded at $0.00001723 at press-time, per CoinMarketCap.
Popular meme cryptocurrency has also fallen almost 19% in the last week, reaching levels last seen October 2021.
Shiba Inu, which has a market capital of slightly more than $9.5 billion is the 15th most valuable cryptocurrency on the market.
Despite recent community efforts to make SHIB less scarce, the asset’s most recent price action is not unexpected.
Two weeks ago, the Shiba-Inu team launched, a new burning mechanism that reduces token supply and rewards holders with yield-generating tokens.
The community has used the burning portal since the launch to eliminate more than 26.3 Billion SHIB from its initial supply. This is approximately $460,000 at current prices.
According to the tracking website Schibburn the “SHIB army” has burned more than 200,000,000 tokens in 24 hours.
The largest meme coin Dogecoin is currently down 3.83%, trading at $0.1211 as of this writing.
Doge is currently the 12th-largest cryptocurrency in the industry by market capitalization. It is currently trading at levels last seen March 22, according to CoinMarketCap.
Shiba Inu, crypto market chaos
The wider crypto market chaos has intensified in the past day.
Bitcoin (BTC), which fell below $35,000 on Sunday for the first time since January 2018, has lost 3.g% more in the past day. According to CoinMarketCap, the cryptocurrency is currently trading at a 10-month-low of $33,375.
Ethereum has fallen 4.59% in the same time frame. Below $2,500 is the second-largest cryptocurrency currently changing hands . This level was last seen at the end January.
The market cap for the cumulative crypto market stands at just over $1.5 trillion as of this writing.