[CoinDesk, Today] Shiba Inu (SHIB) experienced a massive surge in its burn rate earlier this week, yet the price faced downward pressure.
The burn rate skyrocketed to over 112,000%, with more than 116 million SHIB tokens removed from circulation.
This deflationary move, however, didn't prevent a price drop.
SHIB traded at $0.00001190 at press time, reflecting a 2% decrease in the last 24 hours and a nearly 5% decline for the week. Overnight, the token saw significant selling pressure, with trading volume exceeding 500 billion units.
CoinDesk's AI insights noted that over 527 trillion SHIB tokens are approaching profitability.
The memecoin's ecosystem showed strength, with over 1.5 million unique wallet addresses and a rise in Shibarium layer-2 transactions.