Shiba Inu’s daily burn rate plunged 74% over the past 24 hours as only 2.69 million SHIB tokens were permanently removed from circulation, according to data from Shibburn. The burned tokens were worth roughly $13 at current prices, highlighting a significant slowdown in community burn activity.
The latest data mark a notable decline from levels recorded earlier this week, with Shibburn data showing that 8.79 million SHIB tokens were burned on June 20, making the latest daily total considerably lower. Moreover, the slowdown extends beyond a single day and reflects weaker activity across the broader market.
Over the last seven days, the SHIB community removed 37.69 million tokens from circulation. Even so, the weekly burn rate declined by 19.11%, indicating that token destruction has lost momentum despite continued participation from holders.
Market conditions have also contributed to the trend, as selling pressure across most major cryptocurrencies during the past week reduced trading activity and weakened investor sentiment. Consequently, many community-driven initiatives, including token burns, recorded lower participation levels.
Read more: 36crypto.com
Source: CRYPTO WORLD NETWORK NEWS
