SHIB Price Plummets as Investors Burn Tokens

Cryptocurrency experts are closely watching the price movements of Shiba Inu (SHIB), a meme-inspired token that has been dubbed the “Dogecoin killer”. SHIB has seen a significant drop in value over the past week, losing 16% of its market capitalization and trading at around $0.000008 as of June 16, 2023. What is behind this decline and what are the prospects for SHIB’s recovery?

The Shibburn website tracks the amount of SHIB tokens that are sent to unspendable wallets, also known as burning. Burning reduces the total supply of SHIB and increases its scarcity. The website shows the burn rate, which is the percentage of SHIB burned in the last 24 hours compared to the initial supply of 1 quadrillion. According to Shibburn, the burn rate has fallen below zero after a significant drop in the number of burned SHIBs in the past day. 

SHIB Performance on the Crypto Market

Only 2,602,167 SHIB were burned in three transactions, with one transaction accounting for 2,241,682 SHIB. The smallest transaction was only 262 SHIB. This is a sharp contrast to the previous day when more than 600 million SHIBs were burned. In the past week, the SHIB community has burned 293.6 million Shiba Inu tokens.

Shiba Inu (SHIB), the second most valuable canine-themed cryptocurrency by market cap, has lost 16.13% of its price in the last seven days, falling from $0.00000803 to $0.00000674 at the time of writing. The meme coin suffered a huge 30% plunge last weekend and has been trying to recover since then. It has regained about 20% of its value since June 10.

Lucie, a prominent figure in the Shiba Inu team, shared her excitement about Unreal Engine on Twitter. She said that it was the perfect partner for the SHIB metaverse, as it offered “unmatched realism and immersion” in creating virtual worlds. 

The combination of Unreal Engine and @mvshib is a match made in virtual heaven.

The capabilities of Unreal Engine in creating immersive experiences and stunning visuals are unparalleled.

I can't wait to explore the vibrant world of Shib, embark on thrilling adventures, and… https://t.co/Y5Hm2LLurT

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 16, 2023

She expressed her eagerness to join the SHIB army in exploring the rich and diverse universe of Shiba Inu, having fun, and making friends along the way. Lucie also praised the Unreal Engine developers and artists who are working on the SHIB metaverse and said that she was “thrilled” by the possibilities of virtual reality.