 
 
Shiba Inu, the second most valued memecoin by market cap, has recorded a significant drop in its burn rate. However, despite this development, SHIB bulls appear to have remained in an uptrend.
According to data from ShibBurn, an automated tracker, SHIB’s burn rate plummeted by 82% within 24 hours. The burn rate dropped as 1,556,906 SHIB tokens burned within the aforementioned timeframe.
Over the last 7-days, 48,740,998 SHIB tokens have been burned—marking an 11.90% drop in the burn rate recorded over the stated period. Following the massive asset burn, Shiba Inu’s token supply sits at $6.96 billion.
Notably, Shiba Inu’s price has continued in an upward momentum, with gains going up to 3.48%, suggesting that the bullish pressure was sustained over time.
It is worth noting that over the last week, transactions on the network have increased by as much as 195% and 200%. This further solidifies the rising interest among retail investors, who appear to remain bullish on the asset at this time.
 
However, in the long term, Bitcoin’s performance is a major defining factor for the memecoin and its counterparts. Should Bitcoin continue in a bullish trajectory, Shiba Inu and other existing altcoins could follow in the big bull’s footsteps. On the flip side, a bearish scenario could play out if the leading asset fails to hold up in the weeks and months ahead.
At the time of this report, Shiba Inu (SHIB) was trading at $0.00001342. Many barriers await the memecoin, as losses from previous months and weeks still need to be cleared.
More precisely, SHIB is down 6% from the last 30 days, making it the highest loser behind its competitor Doge. However, 1.28% worth of gains have been attained in the previous 7 days.
Source: https://zycrypto.com/shiba-inus-burn-rate-drops-by-82-heres-what-it-means-for-shib/