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U.Today - The pseudonymous marketing expert of the Shiba Inu team, known to the crypto community as Lucie, has addressed the SHIB army regarding the current market decline.
Lucie shared an important piece of advice as to how best to behave and the best thing to focus on while the market is crashing.
Lucie pointed out that, currently, many crypto projects are making announcements. However, the bad market sentiment is likely to drag them all down, Lucie believes. The best thing to focus on at the moment, according to her, is “building strong connections,” rather than anything else.
SHIB price plummets 18%
Over the past 24 hours, the second most popular meme coin in terms of market capitalization, Shiba Inu, has displayed an impressive bearish price reversal. After surging by more than 11% on Sunday, when U.S. President Donald Trump announced the upcoming creation of the U.S. strategic crypto reserve, which would consist not only of Bitcoin alone, SHIB has crashed by roughly 18% since Monday.Today, after recovering approximately 2.37%, it is changing hands at $0.00001272, while as early as Monday, it traded at $0.00001538 per coin.
SHIB followed the world’s pioneer cryptocurrency, Bitcoin, as it collapsed by 10.8% since Monday from $93,633, losing roughly $10,000 in that sharp decline. Today, March 4, Trump’s trade tariffs against the country’s main partners – Mexico and Canada – are taking effect. The markets, including Bitcoin, have been reacting bearishly to that for more than a week already.
SHIB burns in red
A key SHIB metric, the burn rate, has been down in the red as well. As of now, it shows minus 95.44% with less than a million meme coins burned; 707,213 SHIB have been destroyed so far.There has been only one burn transaction since yesterday morning. However, on Monday, an impressive 12,776,503 SHIB were transferred to an unspendable wallet, i.e., burned, by an anonymous whale.
In total, by now, the mutual efforts of the SHIB community and Shiba Inu team have allowed for burning 410,744,723,433,234 Shiba Inu, while 584,338,399,345,524 SHIB continues to circulate the market. Roughly 4,916,877,221,241 SHIB are currently staked.