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Popular blockchain tracking platform Shibburn has revealed that, just recently, the burn rate of the second-biggest meme cryptocurrency, SHIB, has faced a drastic fall as it collapsed by almost 100%.
Still, there is some good news about it that partly makes up for this negative and unexpected pivot.
SHIB burn rate down on all fronts - minus 95%
According to the above-mentioned on-chain data source, over the past week, the Shiba Inu community has failed to hold the SHIB burn rate in the green zone. Over the past seven days, this metric has collapsed by 94.05%. However, even with this fall, millions of meme coins were still transferred out of the circulating supply — 9,434,807 SHIB.
As for the daily burn rate, things stand worse here, since with a similar decline (minus 95.46%), the community has burned only as little as 169,895 SHIB.
SHIB rebounds 3.25%
Over the past 24 hours, the popular meme cryptocurrency has managed to rebound, reclaiming 3.25% after a 12.38% price crash that took place between Sunday and Monday.
Printing multiple consecutive red candles on an hourly chart, Shiba Inu mirrored the price curve of the flagship cryptocurrency, Bitcoin, on that day. Still, today’s price rise was followed by a small decline as SHIB went down by 1.18%. At press time, it is changing hands at $0.00001210 per coin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team