Shiba Inu (SHIB) Burn Rate Soars 281%, Millions of Tokens Burned

In the past week, millions of SHIB tokens were burned as part of community efforts, although the results may not have met expectations.

According to Shibburn’s Twitter account, a total of 38,373,239 SHIB tokens were burned in 18 transactions over the last seven days.

This figure is significantly lower than the previous week’s burn amount of 282,730,986 SHIB tokens. In the last 24 hours, only 1,073,047 SHIB tokens were burned in two transactions.

Despite the decline in SHIB token burns, the SHIB burn rate has witnessed an increase of 281%. This surge indicates that more tokens are being burned compared to previous periods.

However, the recent decrease in burn activity could be attributed to a relatively quieter market caused by SEC lawsuits targeting major exchanges such as Coinbase and Binance. These lawsuits alleged that certain cryptocurrencies, including ADA, SOL, and MATIC, were classified as securities.

Following the lawsuits, platforms like Robinhood and Bakkt delisted the mentioned crypto assets. However, Shiba Inu (SHIB) remained unaffected and continues to trade on these platforms.

Despite this positive development, the price of SHIB experienced a significant decline, reaching near its current trading levels.

At the time of writing, SHIB is valued at $0.0000069, representing a 1.02% increase in the last 24 hours and a 3.12% increase over the past week. As a result, SHIB has slipped in the crypto market rankings and currently holds the 18th position with a market valuation of $4.1 billion.

Following a sharp drop on June 10, SHIB has gradually recovered and entered a trading range. The daily RSI indicator suggests that SHIB is recovering from oversold levels, indicating a slight upward trend.