LIVEShiba Inu News: Shiba Inu's Price Plunged by 20%
Explore the ups and downs of Shiba Inu Coin amidst global market uncertainties and discover if it's the right time to invest in this meme cryptocurrency.
In today's article, we take a closer look at Shiba Inu Coin, a popular meme cryptocurrency, and how it's handling the recent upheavals in the crypto world.
Recent Struggles for Shiba Inu
It's been a tough week for cryptocurrencies, and Shiba Inu has felt the brunt of it. As fears grow globally due to increased tensions in the Middle East, investors are pulling back from riskier investments, including meme coins like Shiba Inu. This has led to a notable drop in its price, with Shiba Inu falling over 10% in just a few hours.
What's Causing the Dip?
The whole crypto market is seeing red, but meme coins are particularly hard hit. News that Iranian drones were headed towards Israel caused panic across the markets. As a result, Shiba Inu and its peers saw some of the largest declines.
A Closer Look at Shiba Inu's Performance
Shiba Inu has struggled this month. In the last 24 hours alone, it's down by about 20%, reflecting a broader trend that's affecting all digital currencies. But it's not just external events that are causing prices to fall. The excitement and chatter that usually drive up prices for coins like Shiba Inu have quieted down, adding to the downward pressure.
The Big Burn
In an interesting turn of events, the Shiba Inu community has taken a bold step to try and stabilize the coin's price. They've burned a staggering 657 million SHIB tokens. "Burning" in the crypto world means these tokens are permanently removed from circulation, which can help increase scarcity and potentially drive up the price. This massive burn is one of the largest Shiba Inu has seen and signals a proactive move by its community during these unstable times
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