286% SHIB Burn Wave Ultimately Ends in Failure

Popular wallet tracker Shibburn's data shows that the burn rate of SHIB has significantly increased over the past day. However, the number of meme coins burned so far is not impressive. Meanwhile, the price of the second-largest meme cryptocurrency, Shiba Inu, successfully attempted to rebound today after a 5% drop yesterday.

According to a tweet from the aforementioned data source, the SHIB community successfully increased the burn rate indicator by 286.84% over the past day. This looks impressive. However, there is a problem—only 269,722 SHIB have been burned so far, which is even less than 1 million SHIB, worth $3.28.

However, the weekly burn situation is much better, with a total of 13,772,405 SHIB transferred to unusable wallets over the past seven days. As for the burn rate, this time it is negative, at -97.82%.

Over the past two days, the popular meme cryptocurrency SHIB has dropped about 5%. Today, SHIB rose 2.32%, but then was hit by a rebound, causing the price to fall back. As of the time of writing, the trading price of SHIB is $0.00001213. SHIB follows the price trend of Bitcoin, which dropped 2.13%, from $115,350 to $112,890. Afterward, Bitcoin rebounded and reached the level of $114,000, and as of this writing, the trading price remains at that level.