One of the biggest reasons is that the whole Crypto market is down so is Shiba but sudden drops in Shiba Inu prices are mostly related to panic selling by the holders.
Even a small drop in price sometimes triggers panic selling as people are afraid of losing money but holding and buying the dip seems to be the best option.
The biggest challenge for the SHIB project is its utility. The Shiba token grew out of hype and not because of products.
That’s why when the hype started slowing, the price started to drop and has been plummeting since then. The Shiba team is now working on building products for its ecosystem, but the pace has been slow
Also, the Shiba Inu coin faces a looming threat from the sale of $1 trillion SHIB held by the ShibArmy. The meme coin’s burn rate witnessed a massive decline, down 75% overnight.
Shiba Inu’s burn rate took a hit, dropping 75% overnight. After a massive burn at the beginning of the week, SHIB burn has slowed down.
Based on data from the Shibburn portal, 34.72 million Shiba Inu tokens were burnt in the last 24 hours.
Nearly 41% of Shiba Inu’s circulating supply has been burned. 55.6% of Shiba Inu tokens remain in circulation across exchanges.