Shiba Inu Price Down as Burn Rate Falls Below 60% in One Week

Shiba Inu Holders Rally for Exchange-Supported Token Burns

The Shiba Inu community has endured a trying seven days as the burn rate dropped by more than 60% while the price of SHIB has fallen 16% in a week. After an increase yesterday, the SHIB burn rate eventually dropped, resulting in more than 293,566,203 being burned throughout the previous seven days.

In contrast, despite the market downturn, the Shiba Inu ecosystem has prioritized expansion. In particular, the development team has unveiled the team’s enigmatic new physical product offering, the brand-new Shibacals.

Related Reading: Bakkt Adjusts Crypto Offering: Delists Three Tokens, Retaining Shiba Inu

Shiba Inu Recent Setbacks

An extremely worrying week has been experienced by the whole digital asset sector. First, Coinbase and Binance are targeted by the US Securities and Exchange Commission (SEC). The entire industry after that saw a decline due to regulatory concerns.

Additionally, Shibburn reports that the Shiba Inu burn rate has decreased by more than 60% in the past 48 hours, while the price of SHIB has reduced by more than 16% during the past week. In sum, three transactions totaling 2,602,167 SHIb were burnt during that time. Illustrating the asset’s historically relatively unstable burn rate.

Furthermore, the meme coin’s performance has been concerning since June 9th. In particular, the price of the second-largest meme coin by market cap has decreased from $0.00000803. The asset is currently up 2.92% over the previous 34 hours, trading at $0.00000682. 

Shiba Inu is up 2.92% in the past 24 hours. Source: CoinMarketcap

The asset experienced poor news on all fronts this week, falling by 30% since last weekend. However, it has partially regained some of its value, and further recovery is possible. Therefore, monitoring how the asset performs throughout the long weekend will be crucial.

Read Also: Shiba Inu Marketing Specialist Draws Attention to New SHIB Scam

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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