SHIB Burns Slow to Start September Amid Broad Market Downturn

The month of September has kicked off on a slow note for Shiba Inu (SHIB), with just 3.59 million tokens burned in the first day, marking a 49.90% drop in daily burn rate compared to August.

This comes amidst a broader market downturn, where most crypto assets, including SHIB, are trading in the red. At press time, SHIB was down 1.06% in the last 24 hours to $0.0000051 and down 3.51% weekly.

The slow start to September follows a trend of the month being unfavorable for crypto assets. Since 2013, Bitcoin has averaged a 3% loss in the month, with only five positive monthly returns. For SHIB specifically, three out of four years have seen losses since 2022, although last year's price rose by 26.97%.