Shiba Inu Burn Rate Significantly Declines Amidst Price Drop

Vignesh Karunanidhi
Shiba Inu Burn Rate Significantly Declines Amidst Price Drop

Shiba Inu, a notable meme coin and the second-largest in the cryptocurrency space, has become well-recognized within the community. The team behind SHIB has shown dedication to its growth, exemplified by initiatives like the Shiba Inu Burn program.

The Shiba Inu burn rate has garnered attention due to its fluctuating patterns. Some days experience significant increases, while others show a decline. However, the burn rate, which was showing recovery over the past few months, has reversed course.

According to the latest details from Shibburn’s Twitter account, the burn numbers have gone down to 49,691,122 SHIB in the last seven days.

Shiba Inu burn rate dropped in the last seven days

Details from the tweet reveal that 49,691,122 SHIB were sent to dead wallets in the last seven days. The burn activity happened over 26 transactions. The burn rate has considerably dropped by more than half as compared to the last few months, when almost 584 million SHIB were burned.

Also read: Shiba Inu Community Warned of Scammers Promoting Fake Tokens

According to the latest data from Shibburn, the SHIB burn rate has spiked by 62% in the last 24 hours. Nevertheless, only 2.1 million SHIB were sent to dead wallets during this period.

According to CoinMarketCap data, SHIB is trading at $0.000008195, with a 3.7% drop in value over the last 24 hours.