Shiba Inu's burn activity has sharply declined, with only 3.24 million SHIB removed from circulation in the past 24 hours, marking an 88% drop from previous levels. This decrease follows a significant burn of 28.86 million SHIB on January 20. The reduced burn rate highlights a fading momentum in Shiba Inu's deflationary strategy, which aims to reduce supply and support long-term value. The decline in burn activity coincides with Shiba Inu's slip to the 25th position in global cryptocurrency rankings, overtaken by Hedera. SHIB's market cap now stands at $4.68 billion, just below Hedera's $4.72 billion. Despite efforts to reduce its massive supply, Shiba Inu's price performance continues to mirror broader market trends, with a 0.41% decline in the past 24 hours and a 10.10% drop over the past week.
Shiba Inu Burn Activity Plummets 88%, Market Cap Drops to 25th
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