Shiba Inu's Burn Rate Plummets to Zero Amid Crypto Market Rally
Shiba Inu (SHIB) experienced an unusual day on September 21 as its burn rate plummeted to zero, according to data from Shibburn. This marks a 100% drop in daily SHIB burns compared to the previous period. The $0 reading does not necessarily indicate that the burn mechanism has failed or that SHIB burns have permanently stopped.
It simply means that no qualifying burn transactions were recorded in this timeframe. As of now, the Shiba Inu burn tracker reports zero activity. However, it's essential to note that this is not a new phenomenon for SHIB, as the asset has seen significant fluctuations in its burn rate over time.
Looking at the bigger picture, Shiba Inu burned a total of 44.60 million SHIB in the last seven days and 413.44 million SHIB over the past 30 days. The weekly burn rate fell by 69.59%, while the 30-day burn rate dropped by 88.05%. These numbers highlight the slow burn activity so far in September.
The price of SHIB, however, has been performing well, rising 9% in the last 24 hours to $0.00000543 amid a broader crypto market rally.