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According to data shared by the Shibburn tracking service, recently, one of the main SHIB metrics, the burn rate, has collapsed by almost 100%.
Still, there is a silver lining in this cloud.
SHIB burns crash almost 100%, but here's good news
In a recent tweet, the aforementioned data source revealed that over the past 24 hours, the daily SHIB burn metric collapsed by 92.10%. The amount of meme coins destroyed this time was tiny and comprised only 207,156 SHIB.
The situation is the same with the burns registered over the past seven days — the metric sits at minus 96.68%. However, the good news is that despite this massive decline, the SHIB community has managed to dispose of 20,923,735 SHIB in total.
SHIB price spikes 9%
The Shiba Inu price has been making more successful moves than the SHIB burns over the past 24 hours. Since Friday, the SHIB price has staged an impressive surge of around 9%, soaring from $0.00001285 to $0.00001401.
The increase was triggered by Bitcoin’s growth as it recovered the $117,000 level after U.S. president Donald Trump signed an executive order opening the path for 401(k) funds to invest in real estate and various cryptocurrencies, and in Bitcoin first of all. By now, SHIB has gone down a little, changing hands slightly below today’s price peak.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team