SHIB Price Crashes 6.1% Amid US-Iran War and California Memecoin Ban

Shiba Inu holders are facing another red day, with the token's price plummeting by over 6.1% to $0.000005622, according to CoinGecko data.

The US-Iran war is the primary reason behind the drop in SHIB's value, as traders become increasingly risk-averse due to the uncertainty surrounding the conflict.

Additionally, California's recent update on memecoins has added pressure on SHIB, with the state announcing stronger accountability measures and a ban on meme coins that use public officials' likenesses or images.

The burn activity of SHIB has also decreased significantly, with Shibburn data showing a 91.31% drop in 24 hours, further contributing to the token's decline.