Shiba Inu Daily Burn Rate Drops to Record Low
Shiba Inu's daily burn rate has plummeted by 87.63% over the past 24 hours, with only $7 worth of SHIB burned. This sudden drop is a stark contrast to the previous day, when the burn pace increased by 706% and reached 17.46 million SHIB.
The slowdown in the burn rate coincided with a price weakness for SHIB, which fell by 3.35% over the past 24 hours. The broader market also showed limited moves, with major cryptocurrencies experiencing similar price fluctuations.
Despite the slower burn rate, new burn transactions continue to add to the existing burned amounts. Over the longer term, however, the trend is mixed: while the weekly burn rate fell by 69.94%, it increased by 1,351% over the past 30 days, with a total of 3.47 billion SHIB burned.
The largest monthly burner was WoofSwap, which sent 3.08 billion SHIB to an inactive wallet, followed by Robinhood's 154 million SHIB burn. The cumulative burned volume now totals 410 billion SHIB, with over 21,000 related burn transactions.