o SHIB reaches its lowest price as the global crypto market trades at a low level.
o The meme coin is now trading at $0.0000168.
o Bitcoin and other cryptocurrencies are also falling in value.
In line with the deteriorating crypto market, the meme coin Shiba Inu has dropped 12.7 percent in the last 24 hours. SHIB is now trading at $0.0000168, which is a seven-month low on Monday.
The global crypto market has been on a downward trend for days, with Bitcoin and several other altcoins plunging to new lows. Bitcoin is now trading at a 50% discount to its all-time high of $67,802.3 set in November 2021. BTC is currently trading at $33,171.98, down 5.17 percent in the last 24 hours.
Furthermore, because the BTC price is now low, all cryptocurrencies, including SHIB, are in a state of FUD. In October 2021, SHIB achieved an all-time high (ATH) of $0.000088. However, it began a downward trend in monthly performance later on. Despite SHIB’s numerous price swings, it has been steadily declining since May 6, which, if it continues, will be a major blow to SHIB traders.
Furthermore, when the crypto market was down in April, SHIB performed well at $0.0000301, while many other prominent cryptocurrencies plummeted.
Specifically, the Shiba Inu team established a burning gateway to reduce the token’s circulating quantity while simultaneously rewarding token holders with yield-generating tokens. SHIB Army has burned up almost 410 trillion tokens from its initial supply, according to Shibburn statistics.
In addition, the most popular meme coin, Dogecoin, is currently selling at $0.1171, down 7.22 percent in the last 24 hours.