Shiba Inu price drops to a 5-month low as the burn rate falls

The crypto market has been tumbling for the past three weeks, with a roughly $145 billion fall in its global market capitalization. Shiba Inu (SHIB), the second-largest meme coin, hasn’t been a safe haven for its holders.

SHIB’s price has been constantly going downwards over the last 30 days along with the global crypto market cap, which plunged from around $1.28 trillion to roughly $1.35 trillion at the time of writing, according to data provided by CoinMarketCap (CMC).

Moreover, shiba inu started the month at the $0.00001 mark and a 24-hour trading volume of nearly $130 million. After consolidating for six days, SHIB’s price fell further, and its burn rate dropped.

The dog-themed meme coin is down by around 0.1% in the past 24 hours and trading at $0.0000087 at the time of writing, marking a five-month low — last seen in early January. While shiba inu’s drops have consecutively cost its market cap, the asset is still the 15th-largest crypto with a $5.16 billion market capitalization.

Furthermore, as the price fell, SHIB’s burn rate plunged by another 9%, with only 1.8 million tokens — worth roughly $15 — sent to dead wallets in the past 24 hours. According to SHIB BURN data, the last significant shiba inu burn transaction — 3.01 billion coins, worth around $27,000 — happened on May 15.

While the asset’s price and burn rate is still down, WhaleStats data shows that SHIB is still the most traded token among the top 100 Ethereum (ETH) whales. Per the data, the top ETH whales have traded 3.13 trillion SHIB tokens worth over $27.5 million on average.