Shiba Inu Price Faces Significant Decline Despite Burn Rate Surge

• 177.8M SHIB tokens were burnt in the previous 24 hours, an increase of 323.81%.
• The SHIB price has fallen 4.14% to $0.000007107 as per data from CMC.

Shiba Inu burn rate has increased by over 323%, reaching over 177.8M SHIB in the last 24 hours. Despite the recent development, the token’s price continued to fall along with the rest of the cryptocurrency market.

177.8M SHIB tokens were burnt in the previous 24 hours, an increase of 323%, according to statistics from Shibburn, a platform that tracks the burn rate of SHIB. Meanwhile, in the previous 24 hours, the two wallets with the largest burning transactions were 68,999,999 and 41,082,889.

The SHIB price has fallen 4.14% to $0.000007107 as per data from CMC, despite the rising burn rate. Given the recent spike in the burning rate of SHIB, however, traders are keeping a tight eye on the cryptocurrency.

Investors Optimistic

Recent research by IntoTheBlock suggests that the majority of existing memecoin holders are really sitting on unrealized losses. Only 11% of Shiba Inu investors are making a profit. Statistics also show that whales account for 63% of the SHIB.

Record numbers of tokens are being burned by the Shiba Inu community, and development efforts are being redirected toward expanding the cryptocurrency’s presence in the DeFi market. Furthermore, the community’s enthusiasm is clear from the lively debates taking place on various social media sites.

Some market players are bullish on the cryptocurrency in light of these considerations and anticipate a price spike in the near future. But the market’s general upheaval may have discouraged participation from some potential backers.

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