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Shiba Inu burn rate skyrockets despite price decline, What’s happening?

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In a recent tweet, Lucie, the official marketing expert of the Shiba Inu team, took to bitcoin X/Twitter to shed light on a significant contributor to the Shiba Inu ecosystem – WoofSwap. Lucie, as she prefers to be called, emphasized WoofSwap’s role in supporting Shibarium and contributing to the burning of SHIB tokens.
Sunday big shoutout to Positive sentiments turning up for Shiba Inu
According to Lucie’s tweet, WoofSwap has been instrumental in the development of Shibarium and has actively participated in the burning of Shiba Inu tokens. While specific details about the timing of WoofSwap’s assistance were not provided, Lucie encouraged followers to stay informed by following @woofswap on Twitter and joining their Telegram channel through a shared link.
Despite the positive news about WoofSwap, the Shiba Inu community faced a challenge as the SHIB token experienced a significant overnight plunge in price. Lucie cautioned the community through a tweet, advising them not to click on any links within the comments section of her original tweet. She urged caution in verifying the sources of such tweets and warned against connecting wallets to suspicious platforms. SHIB burn rate skyrockets
Recent data from the Shibburn wallet tracking website revealed a remarkable surge in the SHIB burn rate over the past 24 hours. The burn rate spiked by an astonishing 1,299%, resulting in the removal of 56,601,159 SHIB from the circulating supply. The largest burn transaction accounted for more than half of the total burned SHIB coins, removing 30,462,825 SHIB from circulation.
Lucie provided insights into the significant burns, stating that the second-largest burn transaction involved 13,631,000 SHIB. Over the past week, the Shiba Inu community collectively burned 193,710,986 SHIB. However, it’s worth noting that the weekly burn rate saw a decrease of 97.94% compared to the preceding week. The market response to the increased burn rate was evident, with the SHIB price experiencing an 8.51% decline over the past 24 hours. TradingView data indicated a drop from the $0.00000985 level to $0.00000912 at the time of writing.
The Shiba Inu community really wants to reduce the number of SHIB coins available. They believe doing this will make SHIB more valuable in the future. However, the decline in the weekly burn rate suggests fluctuations in community engagement and activity. As the Shiba Inu team works together with partners like WoofSwap and deals with challenges in the market, the Shiba Inu community stays watchful and flexible in understanding how things work in the world of SHIB.
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