Shiba Inu News: SHIB Burn Rate Boosts, Price Still In Red Zone

In a remarkable display of dedication, Shiba Inu has managed to significantly increase the burn rate of SHIB tokens. After enduring a period of consistent decline, recent data from the Shibburn website reveals an astonishing jump of nearly 1,000% in the burn rate. This surge comes after several consecutive days of SHIB tokens lingering deep in the red zone.

SHIB Burn Soars Finally

Over the course of the last 24 hours, the Shiba Inu community has made remarkable progress in reducing the circulating supply of their beloved meme coins. A total of 7,825,621 SHIB tokens were successfully burned, a staggering 945.5% increase compared to the previous day’s burn of 748,502 coins. These impressive numbers contribute to the cumulative count of burned SHIB tokens, which has now closely approached the 300,000,000 mark for the week.

It’s worth noting that this figure is notably lower than the burning rates witnessed a few weeks ago when the Shiba Inu community was consistently incinerating between one and two billion SHIB tokens every seven days.

CoinGape reported lately tht Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem has teased the SHIB army that “Something physical is coming”

SHIB Price Remains in the Red Zone

Despite the relentless efforts of the SHIB community to increase token burns, the price of Shiba Inu (SHIB) continues to reside in the red zone. The token experienced a significant 30% crash over the weekend, triggered by news of regulatory charges filed by the SEC against prominent crypto exchanges Coinbase and Binance.

In the past 24 hours, SHIB has seen a marginal 0.39% increase in price, offering a glimmer of hope to its loyal investors. However, the broader trend remains unfavorable, as the token has witnessed a 4.03% decrease in the past day and a substantial 17.41% decline over the course of the past week.

Shiba Inu is the second largest memecoin with a market cap of $3,865,979,663.

Also Read: Shiba Inu Latest Updates…