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SHIB Burn Rate Plunges 82.58% in 7 Days Amid Market Turmoil
The market-wide bearish sentiment has taken a toll on the Shiba Inu (SHIB) ecosystem, with the token’s burn rate plummeting by a staggering 82.58% over the past seven days. This drastic decline is unprecedented and adds to the already dismal performance of the meme cryptocurrency.
According to recent data, the SHIB burn rate has dropped significantly, 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.
Despite the recent sell-off, the SHIB ecosystem continues to see development and growth. This contradicts the token’s poor performance, making it difficult to attribute the decline solely to internal factors. The downward trend is largely driven by market-wide bearish sentiment, which has taken a toll on many cryptocurrencies.
In addition to the dismal burn rate and price action, profitability metrics have also suffered a significant blow. U.Today reports that only 5% of SHIB holders are currently in profit, highlighting the token’s ongoing struggles. This downturn is stoking fears among investors, with many now questioning SHIB’s near-term potential.
As confidence wanes, the risk of further downward pressure on the meme token continues to grow, fueled by the prevailing bearish market conditions.
Source: https://u.today/shib-burn-rate-plunges-8258-in-7-days-amid-market-turmoil
