SHIB’s Burn Rate Plummets 91% as Price Struggles – Is the Meme Coin Losing Steam?

• SHIB’s burn rate drops 91%, signaling a potential decline.
• Shiba Inu struggles as price surges and falls within hours.
• Market stagnation leads to reduced SHIB burns, leaving uncertainty.

Shiba Inu (SHIB) is facing serious challenges as the cryptocurrency market continues its downward trend. Over the past 24 hours, the burn rate of SHIB has dropped by a staggering 91.28%. In this period, only 119,829 SHIB tokens were burned, a far cry from the previous day when the community managed to remove more than a million tokens from circulation. This dramatic decline in burn activity aligns with the broader struggle in the market, signaling a period of stagnation for SHIB.

The burn rate, a key metric that reflects the amount of SHIB being permanently taken out of circulation, has traditionally been seen as a way to increase scarcity and potentially raise the token’s value. However, this recent sharp decline in burns suggests that the demand for the token is weakening. With the cryptocurrency market currently in the red, SHIB is failing to break free from its price struggles, and its community’s efforts to burn tokens are not yielding the same results as before.

Also Read: Crypto Outflows Slow, But XRP and Altcoins Surge – Is the Market Turning Around?

Shiba Inu’s Price Decline Mirrors Burn Activity

While Shiba Inu’s burn efforts have slowed down, the price action of the token is following a similar pattern. On Friday, SHIB tried to stage a brief recovery, surging more than 13% to reach $0.00000636. However, this momentum was short-lived, as the price quickly reversed, dropping by 5.43% shortly afterward. This sideways movement in SHIB’s price reflects a lack of direction in the broader cryptocurrency market, where Bitcoin and other major assets are also struggling to find solid footing.

The burn rate decline is indicative of a larger issue for SHIB: its inability to regain upward momentum. Despite a few significant burns earlier this week, including two major transfers of 7.7 million SHIB and 2.02 million SHIB, the overall enthusiasm surrounding the token seems to be waning. With lower burn activity and a stagnant price, SHIB’s prospects appear uncertain in the near term.

As the burn rate continues to drop and price movements remain flat, many investors are wondering if Shiba Inu can regain its previous levels of excitement. The meme coin’s current struggle to rebound is a stark reminder that even the most popular cryptocurrencies can face difficult periods, especially when the market as a whole remains in a state of flux.

Also Read: Alert: Here’s What This Massive Whale Did With XRP During the Weekend Price Crash

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