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<p class="is-style-lead">The crypto market has been tumbling for the past three weeks, with a roughly $145 billion fall in its global market capitalization. Shiba Inu (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>), the second-largest meme coin, hasn’t been a safe haven for its holders.</p>



<p>SHIB’s price has been constantly going downwards over the last 30 days along with the global crypto market cap, which plunged from around $1.28 trillion to roughly $1.35 trillion at the time of writing, according to data <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">provided</a> by CoinMarketCap (CMC).</p>



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<p>Moreover, shiba inu started the month at the $0.00001 mark and a 24-hour trading volume of nearly $130 million. After consolidating for six days, SHIB’s price fell further, and its burn rate dropped.</p>



<p>The dog-themed meme coin is down by around 0.1% in the past 24 hours and trading at $0.0000087 at the time of writing, marking a five-month low — last seen in early January. While shiba inu’s drops have consecutively cost its market cap, the asset is still the 15th-largest crypto with a $5.16 billion market capitalization.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1010" height="598" src="https://crypto.news/app/uploads/2023/05/SHIB-price-May-18.png" alt="Shiba Inu price drops to a 5-month low as the burn rate falls - 4" class="wp-image-14157843"><figcaption class="wp-element-caption">SHIB price &#8211; May 18 | Source: Trading View</figcaption></figure>



<p>Furthermore, as the price fell, SHIB’s burn rate <a href="https://www.shibburn.com/" target="_blank" rel="noopener">plunged</a> by another 9%, with only 1.8 million tokens — worth roughly $15 — sent to dead wallets in the past 24 hours. According to SHIB BURN data, the last significant shiba inu burn transaction — 3.01 billion coins, worth around $27,000 — happened on May 15.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="402" height="343" src="https://crypto.news/app/uploads/2023/05/SHIB-burn-rate-May-18.png" alt="Shiba Inu price drops to a 5-month low as the burn rate falls - 5" class="wp-image-14157844"><figcaption class="wp-element-caption">SHIB burn rate &#8211; May 18 | Source: SHIB BURN</figcaption></figure>



<p>While the asset’s price and burn rate is still down, WhaleStats data <a href="https://www.whalestats.com/analysis-of-the-top-100-eth-wallets" target="_blank" rel="noopener">shows</a> that SHIB is still the most traded token among the top 100 Ethereum (ETH) whales. Per the data, the top ETH whales have traded 3.13 trillion SHIB tokens worth over $27.5 million on average.</p>



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Shiba Inu price drops to a 5-month low as the burn rate falls

crypto.news

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