SHIB burn rate collapsed, causing its value to plummet. The cause of this collapse was tied to issues within the Shibarium network.
The token’s persistent bearish momentum has pushed its price down to a new support line of $0.00001323 during early August.from the Shibburn website, the SHIB burn rate has plummeted, with only 261,691 SHIB burned recently.
After a 23.32% surge last week, which took SHIB to a high of $0.00001610, the price has now settled at $0.00001441.from ShibariumScan, weekly SHIB burn figures are more encouraging. The data showed that the daily transactions fell over 88%, dropping from 28K on the 20th of August to 3.3K by the 23rd of August. This number saw a slight increase to 4K by the 26th of August.
This highlighted significant selling activity, which contributed to the plunge in SHIB’s value, aside from low SHIB burn rate.
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