SHIB Burns Collapse 55% Amid SHIB Price Decline

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.