The Shiba Inu burn rate has taken a hit, dropping by 28% in the past 24 hours. This is a significant change from the recent trend of increasing burns.
Decline in Burn Transactions
The drop in burn rate is due to a decrease in the number of burn transactions. On Thursday, there were 14.37 SHIB burned, which is 28.05% less than the previous day. These burns were carried out across only five transactions, with one wallet accounting for most of the burns.
Price Factor
The decline in the burn rate may be related to the drop in SHIB price. When prices fall, investors tend to participate less, leading to fewer burns. SHIB has lost around 12% in the past week, falling below a key support level.
Bullish Sentiment Remains
Despite the slowdown in burns, bullish sentiment remains strong. Analyst Altcoin Sherpa predicts that SHIB could surge by over 2,000% from its current price, potentially surpassing Dogecoin in market cap.
