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| SHIB |
Despite 200 Million Tokens Burned, Investor Sentiment Weakens
Shiba Inu (SHIB) experienced a sharp 42.07% drop in its daily burn rate, entering a significant downtrend. Furthermore, the weekly burn rate has plummeted by 90.99%. Consequently, investor sentiment within the community appears to be waning.
Lackluster Market Response Despite Substantial Token Burns
According to data from the blockchain tracking platform Shibburn, approximately 21.61 million SHIB tokens were burned in the past 24 hours. Notably, two large transactions accounted for 9,999,999 SHIB and 9,684,002 SHIB, respectively. However, the market's reaction to these burns has been unenthusiastic.
Stock Market Decline and Weakened Meme Coin Investor Confidence
This slowdown in burning coincides with a significant downturn in global stock markets. Over the past few days, more than $5 trillion has been erased from stock values. As a result, investor confidence in risk assets, including meme coins, has considerably weakened. In contrast, Bitcoin (BTC) is maintaining a robust position above $80,000.
Shibarium Growth and Community Revival Remain Crucial
Nevertheless, Shiba Inu's layer-2 scaling solution, Shibarium, continues to demonstrate positive development. Shibarium has now surpassed 10.3 million total blocks. The Shibarium team has emphasized the network's stability. However, a recovery in the burn rate and short-term investor sentiment is crucial.