The cryptocurrency market experienced a notable decline, with the market cap decreasing by over 3.60% to $2.33 trillion. This downfall affected major cryptocurrencies, including Bitcoin, which fell from $72.5K to $69K. This bearish trend also impacted Shiba Inu, a popular dog-themed meme coin.
A significant burn of Shiba Inu (SHIB) tokens was conducted in an attempt to increase scarcity and potentially boost the coin's price. However, despite these efforts, the price of SHIB has continued to drop alongside the general market trends.
The ongoing bearish market sentiment reflects broader trends affecting digital assets, impacting not only Shiba Inu but also other major cryptocurrencies that have seen their values diminish in recent hours, indicating the challenges of relying on individual strategies to counter widespread market downturns.
