The Shiba Inu community has endured a trying seven days as the burn rate dropped by more than 60% while the price of SHIB has fallen 16% in a week. After an increase yesterday, the SHIB burn rate eventually dropped, resulting in more than 293,566,203 being burned throughout the previous seven days.
In contrast, despite the market downturn, the Shiba Inu ecosystem has prioritized expansion. In particular, the development team has unveiled the team’s enigmatic new physical product offering, the brand-new Shibacals.
Shiba Inu Recent Setbacks
An extremely worrying week has been experienced by the whole digital asset sector. First, Coinbase and Binance are targeted by the US Securities and Exchange Commission (SEC). The entire industry after that saw a decline due to regulatory concerns.
Additionally, Shibburn reports that the Shiba Inu burn rate has decreased by more than 60% in the past 48 hours, while the price of SHIB has reduced by more than 16% during the past week. In sum, three transactions totaling 2,602,167 SHIb were burnt during that time. Illustrating the asset’s historically relatively unstable burn rate.
Furthermore, the meme coin’s performance has been concerning since June 9th. In particular, the price of the second-largest meme coin by market cap has decreased from $0.00000803. The asset is currently up 2.92% over the previous 34 hours, trading at $0.00000682.
Shiba Inu is up 2.92% in the past 24 hours. Source: CoinMarketcap
The asset experienced poor news on all fronts this week, falling by 30% since last weekend. However, it has partially regained some of its value, and further recovery is possible. Therefore, monitoring how the asset performs throughout the long weekend will be crucial.