The global cryptocurrency market has fallen 1.23% in the past 24 hours and now stands at $1.28 trillion. The main driver for such a bearish pull is Bitcoin, which has again lost its $30,000 trading level around the $29,000 level.
Among such losers is Shiba Inu whose price is now down 0.73% in the past 24 hours, trading at $0.00001211.
Shiba Inu Tracks Bitcoin Price
Shiba Inu had a fairly quiet weekend, but with Bitcoin dropping below $30,000, the meme currency has fallen again as well. After data from China showed that the current lockdown has hit the economy and filtered negative global growth, many investors have pulled out of their investments. This action suggests that even cryptocurrencies are not in good shape.
The normal Shiba Inu rally should have raised up to $0.00001708, but the doge killer has failed to keep its price action above $0.00001209. However, the price fell below $0.00000965 before finding a bull run. Once the SHIB price drops below this level, the price drops to $0.00000655.
Still, there is a slim chance for Shiba Inu price to see the monthly support level at $0.00001122 set off a bullish trend along with the Relative Strength Index (RSI), which has not seen any oversold area yet.
450 Million Shiba Inu Tokens Burned
On the other hand, the Shibburn crypto tracker announced via Twitter that the past 24 hours have been a productive time for Shiba Inu with Shibburn initiatives within the community.
During the past 24 hours, 449,981,701 SHIB tokens were transferred to dead wallets locked forever and this happened with 29 trades.
This fire was even held especially for the crypto fans so that they could reduce the circulating supply of their coins and get locked in dead wallets, making the SHIB tokens more scarce.
More $SHIB we burn, the easier it is to push the price higher.
— SHIBA INU (@ShibInfo) May 14, 2022