Shiba Inu Price Crashes 4%, Burn Rate Plummets Amid Crypto Market Woes
Shiba Inu's price plummeted by over 4% to $0.000005296, erasing part of its 18% weekly gain, according to CoinGecko data. The token's burn rate dropped sharply due to a pause in burning transactions for several hours, before a single large transaction burned 380,959 coins.
The weekly burn rate plummeted by 28.32%, and the monthly rate fell by 85.75%. Daily activity declined by more than 34% over the same period, according to Shibburn data.
Other Shiba Inu ecosystem tokens also took a hit, with TREAT falling by 5.4% and BONE (ShibaSwap) and LEASH (Doge Killer) dropping by over 3%. The memecoin's price drop has been attributed to the wider crypto market trend rather than any specific issues within SHIB itself.
Despite the price drop, Shiba Inu news today is not all bad. The token has become one of six digital assets supported by Nomura-backed Laser Digital Japan after completing its regulatory registration.