The majority of cryptocurrencies have started to turn green in terms of their price movement, which has led to Shiba Inu seeing gains of 2% over the past 24 hours. In spite of the modest increase in price, the SHIB burn rate seems to have taken a massive nosedive.
According to the official SHIB burn tracker, Shibbburn, only 983,884 SHIB tokens were burned in the last 24 hours, representing a decline of over 99% from the previous day. A significant reduction of this kind in the burn rate is guaranteed to raise concerns from investors on the likelihood of downward pressure on SHIB’s price in the short term.
SHIB Burn Rate Plummets 98.79%
The primary purpose of the Shiba Inu burning is to reduce the