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Shiba Inu's burn rate has plummeted by over 62% as the SHIB price falls below the critical $0.00002 level, raising concerns among investors.
Shiba Inu Burn Rate Plummets Amid Price Decline Below $0.00002
A significant price decline has resulted in a decrease in one of the most critical Shiba Inu metrics, per U.Today.
A recent tweet from the Shibburn monitoring platform indicates that the burn rate of the second-largest meme cryptocurrency in the market cap has experienced a significant decline.
This has occurred concurrently with the SHIB price falling below the $0.00002 level on June 17.
According to the data above, the combustion rate of Shiba Inu has decreased by over 62% in the past 24 hours. The aggregate number of meme coins destroyed is 93,088 SHIB, as this metric value goes negative.
According to the most recent information from the tracker's website, the burn rate has decreased by 17%, and 210,439 SHIB has been transmitted to unspendable wallets. Progress has yet to be observed. So far, there have been four fire transfers, with the most significant ones valued at 117,351 and 50,000 SHIB.
However, the weekly burn outcome is significantly improved, as nearly 400,000,000 SHIB coins have been sent to nonexistent addresses, a 743.98% increase in this metric.
SHIB Falls Below $0.00002, Echoing Broader Crypto Market Decline
In the interim, SHIB has experienced a 5.15% decline on June 17, resulting in a decline below the critical psychological threshold of $0.00002. The meme cryptocurrency experienced a comparable precipitous decrease on June 14; however, it recovered above the $0.00002 threshold on the same day. Shiba Inu is currently trading at $0.00001986 as of this writing.
Following the world's foremost cryptocurrency, Bitcoin, which experienced a 2.77% loss on Friday, dropping from $67,000 to $65,216, and a 1.75% loss on June 17, both price pullbacks were observed. Expressly, BTC declined from $66,740 to $65,590. At the time of publication, Bitcoin is trading at $65,453.
Whales Accumulate Amid Bitcoin's Downturn, Shiba Inu Follows Suit
Whales who possess ten or more Bitcoins have been purchasing the downturn in response to the recent Bitcoin crashes, which have caused most altcoins, including SHIB, to decline. According to Santiment, an on-chain data company, its holdings have reached the same level as the BTC supply held precisely two years ago. Bitcoin's market value has surged by 226% since then.
The report released by Santiment indicates a robust correlation between Bitcoin's overall market value and wallets that contain ten or more BTC. Like the rest of the market, Shiba Inu tends to follow Bitcoin in both up and down directions.
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