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- SHB is Sinking Despite Higher Burn Rate
SHB is Sinking Despite Higher Burn Rate
Shiba Inu (SHB) is depreciating by 4.5% to $0.0000089 this week. The altcoin has recovered some losses after a 10.5% dive to $0.0000083 on Tuesday. However, this dynamic could be worth considering, given the 7.5% drop of Bitcoin and 12.3% of Ethereum.
The reason for this "strength" could be found in the surging burning rate this week. This rate jumped by 459%, and lastly by a mind-blowing 4250%, according to Shibburn. More than 146 million SHB were burned during a single day. Significant whale activity supported prices too.
Despite these efforts, the altcoin is still below $0.00001, potentially leading prices to the support at $0.0000075.
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