SHIB Burn Rate Plunges 82.58% in 7 Days Amid Market Turmoil

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.

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.