SHIB burns recently have not been going well, as daily amounts of burnt meme coins continue to decline and weekly totals no longer reach one billion SHIB.
After a significant collapse last week, the price of Shiba Inu has recovered 13.21% during the previous three days.
SHIB burn rate plummets
Only 4,469,651 SHIB have been “set on fire” and destroyed in the past 24 hours, according to a recent tweet from the Shibburn tracker, which monitors the burn transactions of these meme currencies on Etherscan.
The burn rate has decreased by about 80% from the day before. Regarding weekly burns, the community was only able to get rid of 299,086,708 Shiba Inus in the last seven days, which resulted in a 53% decline in the burn rate.
Burning is a technique used by several cryptocurrency platforms to cut down on the amount of their coins in circulation. Coins are sent to wallets that have expired and cannot be retrieved. They are sometimes referred to as unspendable wallets for this reason.
Burning is done to decrease the availability of a given currency, making it more rare and, in theory, causing its price to rise over time.
Shiba Inu price rebounds
The SEC’s announcement of charges against major cryptocurrency trading platforms Coinbase and Binance last week shook the market for digital currencies.US, charging them with breaking American security laws. This caused Bitcoin to drop to a level of $25,500 and caused the whole cryptocurrency market to collapse.
Within two hours, Shiba Inu fell 30% to a price of $0.00000593. The coin, currently up 13.75 percent and trading at $0.00000675 on the Binance platform, started to rebound right away.
