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Fresh data published by the team of the Shibburn wallet tracker shows a substantial decline in the major Shiba Inu metric — the token burn rate. While the decline is large, there is a major silver lining in this negative development.
Overall, the burn rate decline has aligned with a slight SHIB price drop.
SHIB burns crash 55%
The tweet from Shibburn reveals an eye-catching decline of 54.79% in the weekly SHIB burn rate. However, the amount of meme coins that were eventually transferred to unspendable blockchain wallets in total stands at 8,466,318 SHIB.
There have been five large burn transactions over the past seven days, which partly comprised 8.4 million of the destroyed meme coins: 1,033,449; 1,176,958; 1,136,833; 2,663,204 and 1,011,990 SHIB.
As for the daily burn rate, it is also in the red at the moment, showing a marginal 0.53% decline. The number of meme coins locked out of circulation over the past 24 hours amounts to 69,781 SHIB, according to the tweet and the Shibburn website.
SHIB price's market performance
Meanwhile, the Shiba Inu price has demonstrated a 1.64% decline over the past day as it went down to $0.00001286 and traded sideways on Tuesday. By now, the second-largest meme cryptocurrency has managed to regain 1.52% and is changing hands at $0.00001305.
Overall, between Saturday and Tuesday, Shiba Inu managed to show a substantial rise, adding 7.34% and leaving the $0.00001218 level behind at the start of the weekend.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team