Dogecoin (DOGE) released as a copy and almost to the point of surpassing DOGE shiba Inu (SHIB), took a big hit yesterday.
The SHIB price fell after one of the names behind the SHIB project personally asked Elon Musk on Twitter.
When Elon Musk was asked how much SHIB he holds, Musk ruthlessly replied “no” and both FLOKI and SHIB prices fell dramatically.
SHIB Team Maintains 1% Supply Burns
Although this decrease was felt as 20% at first, the SHIB team immediately countered. According to the information provided by Watcher.Guru, the SHIB team burned 900 million SHIB tokens.
1% of the circulating supply is burned every day and the SHIB price continues to react to this every day.
SHIB, which managed to break the all-time record on October 24, is actually able to survive despite the negative Musk news.
In addition, Vitalik Buterin, co-founder of the Ethereum Foundation, had previously burned a significant portion of 50% of the total supply of SHIB sent to him.
Buterin burned 90% of this supply while donating 10%. This actually shows that the supply of SHIB is currently decreasing continuously and pulling to the bottom.
SHIB is currently ranked 13th and has dropped 1.2% in 24 hours. If SHIB breaks above the $0.00004 level, it could start a new FOMO.