The Shiba Inu market capitalization has lost about $1 billion over the past 30 days as its shib the value of the token decreased by more than 20%.
Data from BeInCrypto shows that the Shiba Inu's market capitalization currently sits at $4.3 billion, a far cry from the $5.31 billion it registered on May 23. This decline coincided with a sharp decline in the digital asset's price, falling as low as $0.000005979 before recovering to its current level of $0.0000073 at press time.
Why the SHIB price struggled
During the last 30 days, The Shiba Inu Price Fight it can be linked to unfavorable market conditions of the period. The cryptocurrency industry has faced significant hurdles as the US Securities and Exchange Commission (SEC) filed lawsuits against major cryptocurrency exchanges Coinbase and Binancefor violations of the federal securities law.
In addition, the appearance of new memecoins, such as PEPE, Milady and WOJAK, changed attention from various merchants away from OG memecoins like Dogecoin and Shiba Inu.
This meant that the brief bullfight memecoin between March and April did not affect the token as investors focused on these new entrants.
Shiba Inu owners betting on the Shibarium
Meanwhile, several Shiba Inu keepers are counting on the long-awaited launch of their Layer 2 Shibarium network to turn things around.
Shibarium has been in development for over a year, and its Puppynet Testnet has been recording a significant volume. The network has exceeded 22.5 million transactions and the number of addresses has reached 16.9 million.
Although the release date has not been specified, many expect it to be in the coming months. The Shiba Inu team recently launched shibacalesdescribed as a "unique real-life component of the Shiba Inu ecosystem."
SHIB burn rate jumps 281%
Data from Shibburn shows that the Shiba Inu consumption rate shot up 281% in the last 24 hours to 1.3 million tokens. While this represents significant growth for the ecosystem, the rate of consumption of memecoins refused by 87.97% to 38.67 million SHIBs on seven-day metrics.
SHIB's consumption rate is a top priority for your community, helping to reduce your ample supply. Several SHIB holders hope that a higher rate of consumption will positively affect the value of the remaining tokens.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to providing fair and transparent reporting. This news article is intended to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content.
