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**20,000,000 SHIB Burned In Minutes – What’s Happening?**
The prominent meme-inspired cryptocurrency Shiba Inu has plunged by almost 16% over the past 24 hours. The decline comes after a sudden and massive token burn of 20 million SHIB in a single move, which has significantly impacted the market dynamics.
As per recent updates, the SHIB price dropped to $0.00001286, down from its previous level of $0.00001517. This drastic fall followed an 11.24% surge experienced by the meme coin on Sunday, fueled by US President’s announcement regarding the establishment of a new US Strategic Crypto Reserve.
The reserve will reportedly include not only top-tier cryptocurrencies like Bitcoin and Ethereum but also top-ten altcoins ADA, XRP, SOL, and others. The news sent shockwaves through the crypto market, with Bitcoin soaring over 10% before crashing by around 12.18%. It has since recovered slightly to trade at $84,830 per coin.
Despite this recovery, SHIB continues its downward trajectory, leaving investors in a state of panic. This sudden price drop could be attributed to multiple factors such as:
1. **Token burn**: The massive 20 million SHIB token burned in a single move has significantly reduced the available supply of SHIB tokens in circulation. This sudden reduction may have caused a price collapse due to the increased scarcity and potential for further losses.
2. **Market sentiments**: The announcement by the US President, while initially boosting the market, could not be sustained as the news wore off. Investors might be reassessing their positions, causing a sharp correction in SHIB’s price.
As of this writing, it remains unclear why such a large token burn occurred or if there are any underlying issues affecting the Shiba Inu community. It is essential for investors to stay informed and adapt to market fluctuations as the situation develops further.
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* XRP, ADA, DOGE Bulls Get Hit With $1 Billion Liquidation Tsunami
Source: https://u.today/20000000-shib-burned-in-minutes-whats-happening
