Shiba Inu Burn Rate Plummets by -95.44%, Price Drops

Vignesh Karunanidhi
Shiba Inu Burn Rate Plummets by -95.44%, Price Drops
Source: Cryptoslate

The Shiba Inu Burn initiative has been one of the most important developments in the meme coin ecosystem. With over 549,063,278,876,302 SHIB in circulation, the entire goal is to bring down the supply, create scarcity, and induce a price hike in the long term.

February started off on a positive note, with over 98.2 million Shiba Inu sent to dead wallets in the last week. The burn rate also spiked by 10,000% earlier this month. However, the burn rate is also quite known for its volatile nature, just like its price.

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Today seems to be a slow day for the burn rate, as it has dropped by -95.45% over the last 24 hours.

Source: Shibburn

Only 520,639 SHIB sent to dead wallets

According to the details from Shibburn, only 520,639 SHIB have been sent to dead wallets in the last 24 hours. This has been another day where the number of SHIB burned was under a million.

The price of Shiba Inu and the burn rate have been possibly correlated for a long time. Whenever the meme coin’s price rises, the burn rate tends to rise as more SHIB are sent to dead wallets.

Also read: How to Buy Shiba Inu (SHIB) — A Beginner’s Guide

The price of SHIB also dropped by 3% over the last 24 hours. It is trading at $0.0000132 at press time. The 24-hour trading volume has also dropped by 37.6% alongside, the market cap, which dropped by 3%.

Source: CoinMarketCap