Key facts
- Shiba Inu's burn rate increased by 491% in one week.
- Approximately 37.52 million SHIB tokens were burned.
- SHIB price dropped to a new low in the $0.000004 range.
- The decline occurred amidst a broader cryptocurrency market selloff.
- Liquidation pressure is contributing to SHIB's bearish trend.
Shiba Inu (SHIB) has seen its token burn rate surge by 491% over the last week, with 37.52 million SHIB tokens being removed from circulation. This significant increase in token destruction has not prevented SHIB from reaching new lows, trading in the $0.000004 range. The price action is occurring within the context of a broader cryptocurrency market downturn, which has seen the total market capitalization fall to approximately $2.09 trillion. Sustained bearish control over SHIB is attributed to ongoing liquidation pressures within the wider crypto market.