Shiba Inu Coin burn rate turns red, but what do the whales REALLY think?

Shiba Inu's [SHIB] burn rate turns red, but what do the whales REALLY think?

revealed that at press time, Shiba Inu’s burn rate was down by over 50%. In the last 24 hours, only 7,261,876 SHIB were burned via three transactions. A declining burn rate is not a good signal for the token’s deflationary characteristic.The meme token has also been pretty sluggish with its price action lately as it has not registered gains. Part of the blame can be put on the bearish market sentiment that prevailed., SHIB is down by more than 3% over the last seven days.

000009889 with a market capitalization of over $5.8 billion, making it the 15th largest crypto by market cap.Shiba Inu’s DEX platform, ShibaSwap, has also been declining on several fronts. For instance, the DEX’s active users have fallen since the beginning of Q2 2023. A similar trend was also seen in terms of the number of daily transactions.

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