Shiba Inu's 95% Crash Sends Shockwaves Through Crypto Market

Shiba Inu's market capitalization has plummeted by nearly 95% since its all-time high at the end of 2021, reaching a staggering 65% yearly decline. The self-proclaimed 'Dogecoin killer' has seen a steep decline in recent months and now stands as a mere shadow of its former glory.

The coin's poor performance comes alongside a declining trading volume, which has plummeted by 84% over the last 12 months, and an overall reduction in interest in meme coins. This signals weak market participation and fading conviction among traders and investors, potentially hampering a potential revival for Shiba Inu.

The coin's burn rate, which has fallen by 71% over the past week, is another cause for concern. The mechanism's ultimate goal is to reduce the overall supply of Shiba Inu and increase its value through scarcity. With almost 590 trillion tokens still in circulation, the total remains quite high.