Shiba Inu token showed something more bullish in nature, during the critical market situation.
Shiba Inu token is a popular meme coin, just after Dogecoin. This coin is currently standing at 15th rank by 24 hours trade volume. This coin grabbed huge attention as a meme coin but currently its project team is working at a high level of development work to bring huge numbers of utility cases for this coin.
The last 11 days of this crypto industry were not much good because, in that time frame, the majority of the people lost huge funds due to the collapse of the Terra Ecosystem. The whole situation impacted the market of Bitcoin and the belief of crypto traders to use stable coins. In that critical situation, the majority of the crypto assets faced a downfall of 20-30% at least.
Shiba Inu also faced a 30% downfall in its value but interestingly it added 15,000 more holders. On 10 May there were around 1,146,848. Shiba Inu token holders, while on 16 May there were a total of 1,161,805 holders.
If we take a look at the new numbers of Shiba Inu token holders over the last 30 days, then it is around 30,000 new users. These things are showing that new users are again entering in Shiba Inu token trade.
On 16 May, Shibburn, a Twitter account dedicated to reporting about the Shiba Inu token burn initiative by the Shiba Inu community and supporters, informed his followers that 449,981,701 $SHIB tokens has been burned between 15 to 16 May.
With the rapid decrease in the supply of Shiba Inu tokens, the majority of the Shiba token lovers are confident with the project team and hoping that Shiba Inu token will touch a new all-time high price in the future.
At the time of writing this article, the price of the Shiba Inu token is $0.00001261 and this price was 3.64% high over the last 24 hours’ trade price.