SHIB Burn Rate Drops 87.63% as Token Supply Remains High

Shiba Inu's token burn rate has taken an unexpected turn, dropping by 87.63% in the last day after a surge of 706% just two days prior. According to Shibburn, only $7 worth of SHIB was burned over the past 24 hours, compared to 1.38 million SHIB on the same day last week.

The slowdown has led to a reversal in Shiba Inu's daily burn rate, which had been increasing rapidly until now. However, the weekly burn rate is still down 69.94% with 315.80 million SHIB burned over the past seven days.

WoofSwap remains the top burner in the last 30 days, having sent 3.081 billion SHIB to dead wallets, followed by Robinhood with 154.32 million SHIB burned during this period. A total of 410.84 trillion SHIB has been burned out of Shiba Inu's initial 1 quadrillion supply through 21,473 transactions.

The decline in burn rate coincided with a 3.35% drop in the price of $SHIB over the last 24 hours as major cryptocurrencies offered little direction. Derivatives data show muted activity and aggressive positioning in select altcoins, with Shiba Inu open interest down 5.03% to $43.51 million.