Why Is Shiba Inu Coin In A Freefall Today?

Shiba Inu SHIB/USD traded nearly 7.6% lower at $0.000035 over 24 hours leading up to early Wednesday morning.

What’s Moving? The Dogecoin DOGE/USD-rival token has risen 6.3% over a seven-day trailing period.

Against larger cryptocurrencies, Bitcoin BTC/USD and Ethereum ETH/USD, it fell 2.4% and 2.3%, respectively, over 24 hours.

Over the last 30 days, SHIB has fallen 11.4%, while over a 90-day period it has risen 394.2%.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? SHIB traded lower alongside other major coins at press time as the global cryptocurrency market cap fell 3.5% to $2.3 trillion.

SHIB was among the most mentioned coins on Twitter. It attracted 1,577 tweets, according to Cointrendz data.

The three most mentioned coins, Bitcoin, Solana, and Ethereum, attracted 9,215, 4,054, and 3,006 tweets, respectively. 

On Tuesday, the Shiba Inu project tweeted the launch of a new “Official Communication Portal.” As per the project, the portal would be the “official medium/line of communication” for the ecosystem.

We’ve been hard at work over the holiday period and are pleased to announce our new Shiba Inu Ecosystem Official Communication Portal. This will be the official medium / line of communication for our ecosystem. Woof! #SHIB #SHIBARMY https://t.co/z0MVGAh9yE

— Shib (@Shibtoken) December 28, 2021

Meanwhile, more than a billion SHIB were burned over the course of a week with some help from Bigger Entertainment.

Bigger Entertainment is associated with a Spotify Technology S.A. SPOT playlist that burns SHIB with every song that is streamed.

SHIB has a circulating supply of 549 trillion tokens approximately, according to CoinMarketCap data.

Meanwhile, Shytoshi Kusama, a notable Twitter handle associated with Shiba Inu community, tweeted Tuesday that they have not joined another token and don't "promote anything else."
 

Sorry to break it to you, but I haven't joined another token. I hold a few gems but don't promote anything else. Especially any INU tokens.

Right now the focus remains on health (PB), gaming, metaverse and Shibarium. Everything else is noise.

— Shytoshi Kusama™ (@ShytoshiKusama) December 28, 2021

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