Along with Bitcoin, the world’s first cryptocurrency, Ethereum and other altcoins are currently on a downward trend. Among these altcoins, even meme currencies like Dogecoin and Shiba Inu are facing the heat.
However, with the latest announcement, Shiba Inu owners are quite relieved. Shytoshi Kusuma, one of the developers of Shiba Inu, unveiled the new currency updates. According to the developer, this upcoming update will have a positive effect on Shiba Inu SHIBits holders and Shibarium.
Although the currency is not in this good position, there is a rare momentum among crypto whales. According to WhaleStats, a whale tracking app, the first 5000 Ethereum whales have $143.06 million worth of SHIB and SHIB is also their biggest holding currently.
On the other hand, Shibburn, the Shiba Inu burn site, has seen an increase in the rate at which tokens are burned. Thus, 550 million SHIb tokens have been transferred to dead wallets in the last eight days. Even on September 16, the burn rate scored nearly 200 million coins, pushing the rate to almost 3,000%
Shiba Inu Price Action In Trouble
As of this writing, Shiba Inu is trading at $0.00001086 after a 5.41% drop in the last 24 hours and a weekly loss of over 14%. The bearish sentiment throughout the crypto market has had an impact on the currency.
Nevertheless, at the time of publication, 157.4 billion SHIB had been traded in profit margin compared to almost 284 billion SHIB which had been traded in deficit. This only served to highlight the miserable state of the meme coin, which is still trending lower along with the rest of the cryptocurrency market.
Additionally, the MVRV ratio was impacted by the decline in currency prices. At the time of writing, SHIB’s MVRV ratio is positioned at -14.38% indicating that there is a huge drop in the trader’s profit share ratio.