Breaking News: SHIB Plummets Despite Recovery: Are Your Investments Safe?

Key Points:

• SHIB burns decrease, weekly rate plunges by 53%.
• Burning is a mechanism to reduce supply and theoretically increase price.
• Coinbase and Binance.US charged for violating US security laws, causing crypto market decline.

SHIB burns have been concerning, as daily amounts of burned meme coins continue to drop and weekly burns have stopped exceeding even one billion SHIB.

This decrease in burn rate has been mirrored by a recent rise in the price of Shiba Inu, which has managed to regain 13.21% over the past few days after a significant crash last week. Despite this, the burn rate has continued to decline, with just 4,469,651 SHIB “set on fire” and destroyed within the last 24 hours, according to a recent tweet from Shibburn tracker, which tracks the burn transactions of these meme coins on Etherscan.

This marks a nearly 80% decline in the burn rate from the previous day. Similarly, weekly burns have plunged by 53% over the past seven days, with the community only managing to get rid of 299,086,708 Shiba Inu.

It is worth noting that burning is a mechanism implemented by various cryptocurrency platforms aimed at reducing the circulating supply of their cryptos. This is achieved by sending coins to dead wallets, from which they can never be withdrawn. As a result, these wallets are also known as unspendable wallets. The purpose of burning is to reduce the supply, which makes a particular coin more scarce and, in theory, should help its price increase in the long run.

Last week, the crypto market was shaken by the SEC filing charges against crypto trading giants Coinbase and Binance.US, accusing them of violating U.S. security laws. This led to a dip in the price of Bitcoin, which fell to the $25,500 level, causing the whole cryptocurrency market to decline. This drop in value had a significant impact on Shiba Inu, which plummeted 30% to the $0.00000593 level within two hours. However, the coin has since begun to recover, and is now up 13.75%, changing hands at $0.00000675 on the Binance exchange. Despite this recovery, the decline in burn rate remains a significant concern for the Shiba Inu community, and it will be interesting to see how they respond to this challenge in the coming weeks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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