Its sharp decline this week, even with the consumption rate of its tokens rising by more than 800%.

Shiba Inu token ($SHIB) dropped to its lowest level at $0.00001160, the lowest since April 9. It has decreased by 35% from its recent peak on May 12.

The price of Shiba Inu has fallen due to the ongoing collapse of the cryptocurrency market, which has pushed Bitcoin and most altcoins down.

Selling intensified as investors abandoned their holdings of Shiba Inu trading whales. According to Nansen data, whale holdings have decreased by more than 80% over the past twelve months to 34 billion tokens. Similarly, smart money holdings have declined by more than 35% to 13.1 billion during the same period.

The Shiba Inu ecosystem is also under pressure. The total value locked (TVL) in Shibarium has dropped by 23% over the past thirty days to $2.6 million. The total value locked for Shiba Inu is still significantly lower than more established layer two networks like Arbitrum, Polygon, and Base.

Shiba Swap, the largest trading platform in the Shiba Inu ecosystem, has lost market share. Artemis data shows that the number of transaction users has dropped to 89 users from 374 users in March. Similarly, the number of daily transactions has decreased to 141 users, down from 937 users in March.