-87% on Key SHIB Metric – What’s Happening?

Data shared by the Shibburn wallet tracking platform has revealed a staggering crash in the major Shiba Inu metric – the burn rate.

Still, despite this significant drawdown, there is still good news.

$SHIB burns show massive negative U-turn

The Shiba Inu community continues to remove batches of meme coins from the circulating supply. Even though the outcome is not something to boast about, still the $SHIB army has succeeded in burning millions of meme coins over the past seven days.

Over the past week, the $SHIB burn rate has shown a drastic decline, dropping by 87.11%. Still, a total of 2,741,316 $SHIB has been burned out of the circulating supply.

However, while the daily burn rate is also down, minus 57.88%, the number of coins locked in unspendable wallets is much smaller – only 69,420 $SHIB.

Overall, the circulating supply presently constitutes 589,247,707,706,325 $SHIB, while 410,752,292,363,094 $SHIB have been transferred to unspendable blockchain addresses.

$SHIB price down, trading in a range

This week started negatively for the second-largest meme cryptocurrency, Shiba Inu, as it rapidly went down by more than 6% on Monday, losing the $0.00001381 level and hitting $0.00001309.

Since Monday, $SHIB has been moving sideways, trading around the above-mentioned price level.

This is not the only price decline that has hit $SHIB over the past few days. Since Saturday, the prominent meme asset has gone down by 10.48% as it crashed from $0.00001463.

While Ethereum, Solana, and Binance Coin have been scoring new all-time highs this year, the smaller-cap coins, like Shiba Inu, are lagging behind, striving to catch up with the flagship altcoins.