The meme coin Shiba Inu experienced a massive price drop over the weekend- losing over 10% from its prior $0.00000999 level. This can be attributed to the big dip in the flagship cryptocurrency, Bitcoin, which also plummeted by 5.64%. In addition, there was a cashing out of profits made on meme coins such as PEPE, and the Ethereum Foundation sold 15,000 ETH, worth around $30 million, leading to speculation that the cryptocurrency's price may be in for a large drop. Following this, Ethereum dropped by 3%, now trading at $1,848.

According to Shibburn analytics, over the past 24 hours, 3, 979,631,635 Shiba Inu have been burned through a single transfer of 10,455,764 SHIB, in addition to two transfers of 1,000,000 SHIB each. This burnt figure has been close to that of the week prior. There have also been notable increases in burn rate over the last 24 hours, with some days experiencing a 1,400% hike and on May 3, a 30,940% rise in SHIB burn rate.

Whales have been gradually accumulating SHIB, with a report from IntoTheBlock on-chain data aggregator clearing that 10.3 trillion Shiba Inu have been purchased in the last week. Despite this, the meteoric fall of SHIB's price doesn't seem to be stopping.

In conclusion, the volatile market of cryptocurrency is putting a hefty strain on every aspect of it. Not only has Bitcoin dipped this week, but the increase in SHIB burn rate and a decrease in price indicate that the Shiba Inu crypto is also affected. Additionally, large sums have been cashed out, with Ethereum Foundation selling 15,000 ETH worth over $30 million. As of the time of writing, SHIB is valued at $0.00000893, Ethereum at $1,848 and Bitcoin stands at $27,990.



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