• According to CoinMarketCap, (SHIB’s) price has dropped slightly over the past 24 hours.
• Within the last 48 hours 1 billion SHIB was burned.
• The activity around the project has increased a lot in recent days.

According to CoinMarketCap, the price of Shiba Inu (SHIB) has dropped slightly over 24 hours.

At the time of writing, SHIB’s price stands at $0.0000123, which is a 2.88% price drop in the last day. This of course adds to the trend seen in SHIB’s price in the last week as its price is also down 34.96% over the last 7 days.

SHIB is currently ranked number 15 on CoinMarketCap’s list of the largest cryptos by market cap, and has a market cap of $6,753,857,325. Its large market cap is mainly due to its very large token supply of $549,063,278,876,302.

SHIB launched a burn portal where members of SHIB, otherwise known as SHIBArmy can send tokens and burn tokens. It is intended to reduce the SHIB supply and make it less common, thus making SHIB more desirable.

Already, the community has burned over 1.2 billion SHIB tokens. This is just 48 hours after it was reported that the tokens had been increased by almost 1 billion.

SHIB’s 48-H token burn results in a quick bounce (Source:TradingView).

The daily chart shows that SHIB’s rebound was caused by the burning of 1 billion SHIB tokens in the past 48 hours. There was an increase in buy trade volume, as well as token burning. SHIB could not break through the $0.00001400 resistance.

Increased trading volumes over the last two days indicate that SHIB has seen renewed interest, breaking with the lackluster trading activity over the previous weeks. SHIB is still undervalued by technical indicators. The tides could change for SHIB if the activity surrounding it increases.

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