The cryptocurrency market experienced notable fluctuations recently as SHIB, the native token of the Shiba Inu project, saw a decline of 5%. This downturn occurred despite efforts to reduce the overall supply of SHIB through a token burn initiative, which aimed to increase the scarcity and potential value of the token. Additionally, the broader market sentiment was affected by Bitcoin's price falling below its 200-day moving average, a significant technical indicator that often influences traders' perception of market trends. As a result, the combination of these factors contributed to the downward movement in SHIB's value, reflecting the interconnectedness of various cryptocurrencies in the market.
source: https://www.coindesk.com/markets/2025/11/03/shib-slides-5-despite-token-burn-as-btc-slides-below-200-day-average