While the cryptocurrency market remains in the red, SHIB keeps failing any attempts to recover. Meanwhile, the burn rate has demonstrated a massive decline during the past 24 hours, in line with the overall market trend at the moment.
Burn rate declines harshly
According to data shared by Shibburn, the daily Shiba Inu burns have shown a decline of 91.28%. Over this period of time, the community has managed to burn only a tiny amount of meme coins — 119,829 SHIB.
Compared to the previous day, this is next to nothing, while on Sunday, the community succeeded in transferring slightly more than a million meme coins to unspendable wallets, thus driving them out of circulation.
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According to the Shibburn website, the largest amount of SHIB over the past week was burned three days ago in two batches: 7,700,000 SHIB and 2,018,633 SHIB.
SHIB price action
On Friday, the second-largest meme cryptocurrency, SHIB, attempted to stage a recovery after the massive recent price decline. By Saturday, it managed to surge by more than 13%, reaching the $0.00000636 level.
However, then the price reversed, and the rise was followed by a decline of 5.43%. Overall, SHIB has been mostly trading sideways these days, following the price trajectory of Bitcoin, showing that the market is currently a little stagnant, and no clear direction for future price movements can be seen so far.
Shytoshi Kusama breaks silence, teasing new update
The pseudonymous SHIB ambassador Shytoshi Kusama has recently published a tweet, one of the few so far this year, in which he announced an upcoming live talk before he goes back to working on tech projects relating to Shiba Inu.
Kusama stated that he will go live on the X app and YouTube at the same time, which will be a first for him: “This should go live on X & YouTube. First time trying both, we will see.” He also hinted that not much will be said after that. Apparently, this talk and discussion are to take place on the approaching Feb. 14, Valentine’s Day. According to Kusama’s earlier tweets, they will touch on identity, legacy and the role of AI in the future of Shiba Inu.
However, recently, Kusama’s statements have begun to raise questions from the community as he has begun to add multiple biblical references to them.
Source: https://u.today/shib-burn-metric-stuns-with-massive-91-crash-details
