SHIB Hits 12% Low in Intraday, Seven-Month Low Since Its ATH

In accordance with the worsened crypto market, the meme coin Shiba Inu also flashed red with a 12.7% dip in the past 24 hours. As of now, SHIB trades at a price of $0.0000168, and this marks a seven-month low on Monday.

For days, the global crypto market has been following a downward trend, where Bitcoin and many other altcoins plunged into a dreadful state. Bitcoin itself is trading low at a 50% dip from its all-time high of $67,802.3 in November 2021. Currently, BTC is registered at $33,171.98, with a 5.17% down in the past 24 hours.

More significantly, as the BTC price is trading low, all the altcoins including SHIB are in a FUD. SHIB reached its all-time high (ATH) at $0.000088, in October 2021. But later on, it started a downtrend in monthly performance. Despite SHIB’s frequent seesaw of price, it has been gradually moving down since May 6, which if continued would be a great blow to the SHIB traders.

Additionally, when the crypto market was down in April, SHIB had a bullish performance at $0.0000301, whereas many other major altcoins plunged.

Notably, the team behind Shiba Inu had launched a burning portal to lower the circulating supply of the token and also to reward the token holders with yield-generating tokens. According to the data shown in Shibburn, SHIB Army has burnt over 410 trillion tokens from its initial supply.

To add, the largest meme coin Dogecoin is trading at a price of $0.1171, which is also down by 7.22% in the past 24 hours.