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Data shared by the Shibburn data tracker shows that the SHIB burn metric has been sitting at the zero level for two consecutive days. Although the community continues burning these meme coins, the results are not impressive so far.
Meanwhile, the second-largest canine-themed cryptocurrency, Shiba Inu, is also trying to recover and has already managed to pare part of its recent losses.
SHIB burns remains at zero
The website of the aforementioned data source reveals that over the past 24 hours, the daily SHIB burn rate has not moved an inch and continues to sit at the zero level. It has been maintaining this mark for the second day in a row. The only difference is that today, Friday, this zero is in the green zone.
Despite this, the burns themselves comprise a little more than zero; over the past day, the community has transferred 45,106 SHIB coins to unspendable blockchain addresses, in two transfers.
On the previous day, the SHIB burn metric also showed zero, but it was in the red area.
As reported by U.Today, two days ago, this metric demonstrated the highest five-digit growth so far this month as it skyrocketed to an impressive 53,954% within one day. Despite that substantial surge, the number of meme coins burned on that day amounted to less than one million SHIB.
SHIB price attempts recovery
Over the past day, the Shiba Inu price managed to stage a rise of 2.53% followed by a small decline. The price increase to $0.0000561 took place after SHIB went down nearly 7% a day earlier.
Shiba Inu has been following the Bitcoin price trajectory, being strongly correlated with the price of the world’s pioneer cryptocurrency. This week, Bitcoin moved up, reaching a peak of $74,000 on Thursday. However, afterwards it reversed, retreating to the $70,455 area by now. BTC has been reacting to the news about the geopolitical conflict in the Middle East, involving the USA.
On the news of a likely end to it to be reached soon, spread by the media yesterday, Bitcoin soared, but now it is back down. However, unlike the stock market, it has not fallen much, holding above the psychologically important $70,000 level.
Bitcoin has demonstrated a lack of correlation with the stock market, while the latter has been going up and down sharply on waves of volatility.
Dan Burgin
Vladislav Sopov
