SHIB Price Drops 5% Amid Market Downturn Despite Major Token Burn - Crypto Analysis

SHIB cryptocurrency experienced a 5% price decline despite recent token burn initiatives, as Bitcoin fell below its critical 200-day moving average. The market downturn affected meme coins significantly, with SHIB failing to capitalize on reduced token supply. Bitcoin's drop below key technical indicators triggered widespread selling pressure across altcoin markets. This price action demonstrates how major Bitcoin movements continue to dictate altcoin performance, even when project-specific fundamentals like token burns suggest potential price support.