SHIB price drops along with burn rate

Shiba Inu (SHIB) has been on a bearish run over the past week. The second-largest memecoin has been making unsure movements with the latest accusations, despite a major announcement.

SHIB is up by roughly 1% in the past 24 hours and is trading at $0.00001092 at the time of writing, per crypto.news data. 

The token started a downward movement when the crypto community accused Shibarium developers of copying code on March 16. Per a crypto.news report, the creators of the Shiba Inu ecosystem forgot to change the blockchain ID of the Rinia network.

Moreover, SHIB is down by almost 20% over the last week and dropped around 2% in the past 30 days. The asset’s current market cap is set at roughly $6.4 billion.

While the token finally witnessed a green movement in the past 24 hours, SHIB’s burn rate has seen a notable drop. Per data provided by Shib Burn, around 15.11 million coins have been burnt in the past 24 hours, a 61.16% drop. 

In the last seven days, similarly, shiba inu’s burn rate has dropped by 69.38% with 1.48 billion SHIB tokens — worth around $16,260 at the time of writing — sent to dead wallets. 

Popular among whales

The second-largest memecoin has become popular among the top 500 ethereum (ETH) whales as the total crypto market cap witnesses a recovery — surpassing the $1 trillion mark again.

According to WhaleStats, SHIB has over 1.32 million holders. The top 100 whales are holding around $34.28 million worth of shiba inu with the largest holder, Binance, accumulating almost 47 trillion SHIB — worth around $514 million at the time of writing.