Shiba Inu Sees Strong Network Activity as Burn Rate Rockets 2,332%

Shiba Inu is back to trading in red territory after multiple attempts to recover and reclaim previous highs.

Despite this persisting price weakness, Shiba Inu’s network activity has continued to grow as burn activities increasingly surge at a rocket’s pace.

8,216,135 SHIB out of circulation

As of Thursday April 2, Shibburn, the platform that tracks Shiba Inu burn activities, has showcased data revealing that the Shiba Inu burn rate has surged by a massive 2,332% over the last 24 hours.

The massive burn rate surge follows a large destruction of SHIB tokens that saw a total of 8,216,135 SHIB sent to dead wallets in seven separate transactions over the past day.

Although the amount of SHIB burned over the period is worth only about $49, per SHIB’s market value, it marks a major increase compared to the tokens burned in the previous day.

While the massive burn activity has come at a time when the broad crypto market is facing further volatility and SHIB has continued to plunge, the strong network activity poses a bit of relief to investors.

At the time of writing, Shiba Inu is trading at $0.055837, a decline of 2.03% in its trading price over the last 24 hours.

SHIB OI declines

The negative trend seen in the SHIB trading price has extended to its derivatives market as its open interest also shows a mild decrease of 1.68%.

The Shiba Inu derivatives market is also flashing bearish signals as futures traders begin to take caution. SHIB futures activities plunged deeper on Coinbase with a decrease of 6.56%, suggesting that even American traders are growing weary of the leading dog-themed meme token.