Shiba Inu Burn Rate Plummets by Over 62% as the SHIB Price Falls Below the Critical $0.00002 Level

A significant price decline has resulted in a decrease in one of the most critical Shiba Inu metrics, per U.Today.

Shiba Inu investors are expressing concern as the meme coin's burn rate has plummeted by over 62% while the SHIB price continues to trade below the critical $0.00002 level, as reported by U.Today.

Shiba Inu Burn Rate Drops as Price Slides Below $0.00002 Shiba Inu meme coin investors will be concerned to learn that one of the dogecoin competitor's most critical metrics has decreased significantly, as reported by Shibburn.

A recent tweet from the SHIB burn rate monitoring platform reveals that the second-largest meme cryptocurrency by market cap experienced a substantial burn decrease.

This coincides with SHIB's price falling below the $0.00002 level on June 17.

According to the data above, the Shiba Inu burn rate has decreased by over 62% in the past 24 hours. This metric value turns negative as 93,088 SHIB meme coins are destroyed.

The burn rate has decreased by 17%, and 210,439 SHIB has been transferred to unspendable wallets, according to the latest information on the tracker's website. There have been four burn transactions, with the largest being 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 Drops Below $0.00002, Echoing Broader Crypto Market Decline

Meanwhile, SHIB has experienced a 5.15% decline on June 17, bringing it 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.

Both price pullbacks were observed 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

In response to the recent Bitcoin crashes, which have caused most altcoins, including SHIB, to decline, whales who possess ten or more Bitcoins have been buying the downturn.

According to on-chain data company Santiment, its holdings have reached the same level as the BTC supply held precisely two years ago. Since then, Bitcoin's market value has increased by 226%.

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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News source：

https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-burn-rate-plummets-shib-price-falls-critical-level.html###

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