Shiba Inu Coin Burn Rate Surges Amid Price Decline

According to U.Today, the Shiba Inu (SHIB) community has seen a significant increase in the burn rate of the meme coin over the last 24 hours. The tracking platform Shibburn reported that more than ten million SHIB coins were destroyed during this period, resulting in a five-digit reading. This surge occurred despite a 15% drop in the SHIB price since the previous day. The SHIB community reportedly transferred a total of 12,047,795 SHIB coins to unspendable blockchain wallets, contributing to a 12,842.37% rise in the SHIB burn metric. Seven burns were recorded within the last 24 hours, with the three largest transfers destroying nearly all of the 12.8 million SHIB. These transfers, which included 5,072,279, 5,078,720, and 1,000,000 SHIB, were sent to 'inferno' wallets. The first two transactions originated from the same unidentified wallet. In contrast, the burn metric showed a decrease of over 62% on Monday, with less than 100,000 SHIB burned in total. Meanwhile, the market performance of SHIB, the second largest meme cryptocurrency by market value, has been bearish. In the past 24 hours, SHIB's value has plunged by 15.77%, falling from $0.00002096 to $0.00001765. The majority of this decline was represented by a single red candle on an hourly chart, which pushed SHIB down by 7.77%. A small rebound followed, allowing SHIB to regain the $0.00001825 price tag. In other news, a representative of the SHIB team, Lucie, shared a message from the team's lead, Shytoshi Kusama. Kusama spoke positively about the team's future plans, stating that they are now building the 'castle' after constructing the 'moat'. Lucie also hinted at potential collaborations with several major players in the cryptocurrency space, stating, 'There is so much more to come.'