SHIB price plummets despite near 40,000% burn rate for second time this week
Shiba Inu (SHIB) may be experiencing a slight drop in price right now, but it is showing unique strength in other areas that define the strength of its network. The second largest meme coin by market capitalization is see a parabolic result in its burn rate, a showcase of a healthy network.
Almost 40,000% SHIB burn rate
According to data from Shibburn, Shiba Inu’s burn rate has registered a growth of 3,8986.28% in the past 24 hours. A surprising revelation from this milestone is that the SHIB token burn rate is experiencing such massive growth for the second time this week, as previously reported by U.Today.
Indeed, more than 1.69 billion SHIB tokens were sent to dead wallets this time, a figure slightly lower than the two billion tokens burned earlier in the week. The active wallet that helped burn the token was responsible for over 95% of the total tokens burned at that time.
Burn rate has a major role in determining Shiba Inu network positivity; however, with one address accounting for the majority of registered digits, the health of the network seems questionable.
Inherent price outlook
With a burn rate that crossed more than 75,000% cumulatively over the week, the price outlook remained rather bearish. At the time of writing, the SHIB token is change hands priced at $0.000009954, down 0.74% in the last 24 hours. For the week, the meme coin is also down 3.43%.
With the erratic rally the digital currency ecosystem has recorded over the past week, SHIB has actually lost a zero in what is ranked as one of the most ambitious moves of this year. Shiba Inu may be slow in growth, but we can say that he has been largely steady since his introduction.