Things are not going too well with SHIB burns recently as daily amounts of burned meme coins continue to drop, and weekly, they have stopped exceeding even one billion SHIB.
In the meantime, over the past few days, the price of Shiba Inu has managed to regain 13.21% after a massive crash last week.
SHIB burn rate plummets
According to a recent tweet of the Shibburn tracker, which follows the burn transactions of these meme coins on Etherscan, within the last 24 hours, merely 4,469,651 SHIB have been "set on fire" and destroyed.
That is a nearly 80% decline in the burn rate from the previous day. As for weekly burns, during the past seven days, the burn rate has plunged by 53% as the community only managed to get rid of 299,086,708 Shiba Inu.
HOURLY SHIB UPDATE$SHIB Price: $0.00000675 (1hr 0.12% ▲ | 24hr 2.44% ▲ )— Shibburn (@shibburn) June 13, 2023
Market Cap: $3,971,867,091 (1.90% ▲)
Total Supply: 589,350,744,855,334
Past 24Hrs: 4,469,651 (-79.36% ▼)
Past 7 Days: 299,086,708 (-52.96% ▼)
Burning is a mechanism implemented by various cryptocurrency platforms aimed at reducing the circulating supply of their cryptos. Coins are sent to dead wallets, from which they can never be withdrawn. This is why they are also known as unspendable wallets.
The purpose of burning is to reduce the supply, which makes a particular coin more scarce and, in theory, should help its price increase in the long run.
Shiba Inu price rebounds
Last week, the crypto market was shaken by the SEC filing charges against crypto trading giants Coinbase and Binance, accusing them of violating U.S. security laws. This pushed Bitcoin down to the $25,500 level, making the whole cryptocurrency market decline.
Shiba Inu plummeted 30% to the $0.00000593 level within two hours. However, the coin immediately began to recover, now up 13.75%, changing hands at $0.00000675 on the Binance exchange.