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Shiba Inu Burn Collapses 93%, Is Major SHIB Reset in View?
The Shiba Inu ecosystem has witnessed a drastic collapse in its burn rate, with a massive 93% decline observed over the past 24 hours. The dramatic plunge in the deflationary metric has sparked concerns among local investors, who are now questioning whether this could be a major reset for the meme coin.
According to data from Shibburn, which tracks daily burn rates, only 225,774 SHIB tokens were sent to dead wallets by the ecosystem over the past day. This meager removal of tokens from circulation has no significant impact on the market’s sentiment and outlook. As the total supply stands at a staggering 589,248,565,207,425 SHIB, with 584,588,117,749,702 SHIB in circulation, this development raises concerns about the future price prospects for the meme coin.
The analysis reveals that most transactions were below 500 SHIB each, with the majority falling within the 300 SHIB range. However, one transaction did stand out, as it involved a massive burn of 149,463 SHIB tokens.
Source: u.today
