U.Today: According to a recent tweet posted by tracking platform Shibburn, the burn rate of the second largest meme cryptocurrency in terms of market capitalization has fallen deeply.
This has coincided with SHIB price falling below the $0.00002 level today.
SHIB burn rate drops 62%
The data source mentioned above has stated that in the last 24 hours, the burning rate has drastically decreased by more than 62%. With this negative metric value, the total amount of meme coins destroyed equals 93,088 SHIB.
Updated information from the tracker's website has shown little progress, with a burn rate of 17% and a total of 210,439 SHIB transferred to non-fungible wallets. There have been four burn transfers so far, the largest worth 117,351 and 50,000 SHIB.
However, the weekly burn result is much better as almost 400,000,000 SHIB coins have been sent to dead addresses. This means a 743.98% increase in this metric.
SHIB price falls below $0.00002
Meanwhile, SHIB has seen a 5.15% drop today and was pushed below the important psychological level of $0.00002. On Friday, the meme cryptocurrency experienced a similar rapid decline, but managed to recover above the $0.00002 line that same day. At the time of writing, Shiba Inu is trading at $0.00001986.
Both price pullbacks came after the world's leading cryptocurrency as it lost 2.77% on Friday, falling from $67,000 to $65,216, and then again today as BTC declined from $66,740 to the price of $65,590, losing 1, 75%. At the time of this publication, Bitcoin is changing hands at $65,453.
Will Bitcoin and SHIB go up soon?
Taking advantage of the recent Bitcoin dips that have put downward pressure on not only SHIB but also most altcoins, whales holding 10 or more Bitcoins have been buying the dip. According to on-chain data company Santiment, their holdings now match the BTC supply they had exactly two years ago. Since then, Bitcoin's market value has increased by 226%.
The report published by Santiment shows that there is a strong correlation between wallets with more than 10 BTC holdings and the overall market value of Bitcoin. Shiba Inu, along with the rest of the market, tends to follow Bitcoin not only down but also up.
This article was originally published on U.Today.
