Shiba Inu in Free Fall Despite Burning 26 Billion Tokens

The popular meme coin, Shiba Inu, is currently trading in the red zone at $0.000012 on the global cryptocurrency market, despite carrying out several burn transactions.

The coin has recorded a decline of 1.96% in the last 24 hours and a 27.86% drop in 7 days. Shiba Inu is 15 on the cryptocurrency market ranking with a market capitalisation of $6,659,763,704, down 2.32%, according to data from Coinmarketcap.

Checks by Investors King show that the dog-themed coin with a market dominance of 0.52%, hit a 24-hour low of $0.00001203 and a 24-hour high of $0.00001301.

The asset has a 24-hour trading volume of $485,655,782.63, representing a drop of 14.33%. The coin has suffered volatility which has characterised the global cryptocurrency market.

Within a period of one month, the dog-themed coin dropped from a price of $0.000025.88 on April 17, to its current price of $0.000012.

While Shiba Inu price has hit its lowest point in seven months after multiple consecutive declines, the asset has tried to correct the price fall through the burn mechanism.

The Shiba Inu burn portal reported on May 9 that 243 million SHIB tokens were destroyed overnight, in a total of 54 transactions, adding that it burned 26 billion coins in April in 1,974 transactions.

Burning the meme coin effectively reduces its circulating supply and increases the value of the token. But despite the burn of Shiba Inu tokens, the meme coin price has failed to recover from its price slum.

However, the asset has a loyal base of Shiba Army a group that focuses on trading and buying the Shiba Inu cryptocurrency coin and NFTs. The group is confident the asset would hit the $1 price soon.

In other news, Shiba Inu has announced the first early access to its Bid Event. The protocol explained that the Bid Event is designed to provide access to one of Shiba Inu’s metaverse.

‘’This exclusive first event will allow participants to endure a thrilling three days (72 hours) race of bidding for their preferred plots of land. This is a unique, and exclusive chance to reserve the very first batch of lands with priority over the rest of users!’’ Shiba Inu stated.

‘’Bids will only last and serve each user for 72 hours, in which many will be able to gain a competitive edge by bidding, and outbidding in this fun auction-style opportunity!

SHIB Metaverse has some incredible high-profile areas that you don’t want to miss! We encourage you to lock your $LEASH, or your Shiboshis as soon as the event starts and in order to join the interactive map!.’’

The protocol also disclosed that all land purchases on the Shib metaverse are accomplished with ETH.