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SHIB Burn Rate Plunges 82.58% in 7 Days Amid Market Turmoil
The recent market downturn has taken a toll on the Shiba Inu (SHIB) ecosystem, with its burn rate plummeting by a staggering 82.58% in just seven days. This dramatic decline is a stark contrast to the previous trend of steady growth, which had been fueling hopes that the meme token was gaining traction.
Despite this downturn, data suggests that large holder net flows have spiked, indicating that whales may still be accumulating SHIB despite the market turbulence. 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.
The burn rate plunge is a concerning development for investors, as it could indicate that SHIB’s previously strong fundamentals are being eroded by the market downturn. The sharp decline in burns may be attributed to a variety of factors, including the broader bearish sentiment and decreased user engagement within the ecosystem.
Furthermore, profitability metrics have also taken a hit, with only 5% of SHIB holders currently in profit. This alarming trend has raised concerns among investors about the token’s near-term potential, as well as its long-term viability.
The combination of these unfavorable trends has sparked fears that SHIB may be heading for further downward pressure. As confidence wanes, it remains to be seen how the token will respond in the coming days and weeks.
Source: https://u.today/shib-burn-rate-plunges-8258-in-7-days-amid-market-turmoil
