According to the recently updated figures on the Shibburn website, within the last 24 hours, the SHIB burn rate has demonstrated a drastic plunge by 90.57%, with merely 4,718,135 SHIB burned overall.
The most recent burn transaction destroyed 57,073 SHIB, and prior to that, the last burn transfer was as far as eight hours ago, carrying 26,669 SHIB.
The largest transaction out of the nine so far carried 4,062,225 Shiba Inu coins to a dead-end blockchain wallet where the coins get locked permanently and cannot be recovered. This is what token burning is about — reducing the circulating supply to the level when they become so scarce that the price starts going up.
This plunge in burns is happening at the same time as the SHIB price is also going down sharply. Over the past few hours, it has printed four red candles, one longer than the other, pushing the price down 2.37%. After that, one green candle appeared, and the meme coin is now changing hands at $0.00000691.
Usually, the lower the price, the broader the opportunities there are for burning since you can buy more SHIB and burn them. But here the negative market sentiment may be impacting the burn attempts.