The price of Shiba Inu (SHIB) plunged 8.9% overnight, trading at $0.00001723 at press time, per CoinMarketCap.

The popular meme cryptocurrency is also down almost 19% over the past week, touching the levels last seen in October 2021.

With a market cap slightly above $9.5 billion, Shiba Inu is now the market’s 15th most-valued cryptocurrency.

The asset’s latest price action comes despite the community’s recent efforts to keep SHIB more scarce.

About two weeks ago, the team behind the Shiba Inu launched a new burning mechanism designed to decrease the token’s circulating supply while rewarding holders with a yield-generating token.

Since the launch, the community used the new burning portal to destroy more than 26.3 billion SHIB from the coin’s initial supply, worth about $460,000 at current prices.

And according to the tracking website Shibburn, the "SHIB Army" has burnt more than 200 million tokens in the past 24 hours alone.

The largest meme coin Dogecoin (DOGE) is meanwhile down 3.83% over the past day, changing hands at $0.1211 at the time of writing.

DOGE is the industry’s 12th-largest cryptocurrency by market capitalization and is now trading at levels last seen on March 22, data from CoinMarketCap shows.

DOGE

-7.09%$0.1563

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DOGE price

Shiba Inu and crypto market chaos

Elsewhere, the broader crypto market carnage has intensified over the course of the last day.

On Sunday, Bitcoin (BTC) fell below $35,000 for the first time since January, and the leading cryptocurrency has dropped another 3.g% in the past day, currently trading at a 10-month low of $33,375, according to CoinMarketCap.

 2022 Crypto Crash

Bitcoin Falls Below $35K for First Time Since January

Bitcoin fell below $35,000 on Sunday morning after declining almost 4% over the past 24 hours and nearly 9% over the last seven days. The market cap of the largest cryptocurrency tumbled to $658 billion, according to CoinMarketCap data. On March 28, that figure stood at more than $900 billion. The downward pressure began after the Federal Reserve announced it would raise interest rates, erasing the brief recovery Bitcoin enjoyed earlier last week. Institutional investors began pulling assets out...

Ethereum is down 4.59% over the same period of time—the second-largest cryptocurrency is now changing hands below $2,500, the level last visited at the end of January.

At the time of writing, the market cap of the cumulative crypto market is standing just above $1.5 trillion.