As top cryptocurrencies and meme tokens continue trading deep in the red amid ongoing market turmoil, the Shiba Inu (SHIB) burn rate has become a hot topic. Recent activity suggests that the SHIB team may be slowing down on its regular, large-scale token burns.
According to data from Shibburn, SHIB’s burn rate jumped 679.55% in the past 24 hours, but saw a significant 82.58% decline over the past week, bringing the total circulating supply to approximately 584 trillion SHIB tokens.
Source: Shibburn.com### Only 187,481,567 SHIB burned over the past week
Despite the recent 24-hour spike, only 187,481,567 SHIB tokens have been sent to dead wallets in the last seven days. While the reason behind this sharp weekly drop remains unclear, speculation is rising that demand for SHIB has slowed as bearish forces dominate the broader crypto market.
Given that SHIB’s performance is largely community-driven, the drop in burn activity could signal a decrease in user engagement or a slowdown in on-chain activity tied to the token’s utility.
Interestingly, data from U.Today reports a 784.8% spike in large holder net flows, indicating that whales may still be accumulating SHIB despite the downturn
However, this bullish indicator hasn’t been enough to offset the token’s slide. As of press time, SHIB has declined by 7.06% in the past 24 hours, trading at $0.00001063.
Even as the SHIB ecosystem continues to see development, market-wide bearish sentiment appears to be suppressing the token’s performance, making it hard to attribute the decline to internal factors alone.
In addition to the slumping burn rate and price, SHIB’s profitability metrics have also taken a hit. As reported by U.Today, only 5% of SHIB holders are currently in profit, highlighting the token’s ongoing struggles.
This downturn is stoking fears among investors, many of whom now question SHIB’s near-term potential. As confidence wanes, the risk of further downward pressure on the meme token continues to grow.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
