A recent analysis by blockchain tracking platform Shibburn reveals a significant decline in the Shiba Inu (SHIB) burn rate, impacting the cryptocurrency’s value. Over the past week, the burn rate has dropped dramatically from its previous levels, falling by nearly 94% — signifying a concerning shift in community activity.
Although this drop is impactful, the community managed to remove an impressive 9,434,807 SHIB from circulation over the last seven days. The daily burn rate, however, was even worse, plummeting by 95.46% and resulting in a meager 169,895 SHIB burned. This suggests a lack of sustained community effort.
While this decline is concerning, SHIB did experience a brief rebound after a significant price crash on Sunday-Monday, with the token now trading at $0.00001210 per coin after losing 1.18% in today’s session.
For more insights and updates on Shiba Inu’s market movement, visit U.Today’s coverage of this significant event.