SHIB Burns Crash Despite Market Turning Green

According to data provided by the public tracker Shibburn, over the past day, the burn rate of the second-largest meme cryptocurrency, SHIB, has gone down significantly and currently remains in the red zone.

Meanwhile, the crypto market seems to be recovering for now, with Bitcoin and other major cryptocurrencies showing growth over the past 24 hours.

SHIB burns in red despite market going green

The burn rate has plunged by nearly 9%, according to the Shibburn website. Still, despite the decline, the platform registered a total of 4,591,026 SHIB coins transferred by the global SHIB community out of the circulating supply.

There have been 10 burn transactions so far, but they mostly removed small SHIB bits from circulation. The largest burn transfer, which took out almost the entire amount of SHIB mentioned above, carried 4,143,153 SHIB to an unspendable blockchain wallet approximately nine hours ago.

Bitcoin logs in recovery

Over the past two days, the world’s largest cryptocurrency, Bitcoin, has managed to recover by 4.56% after collapsing by nearly 5% on Thursday.

The Bitcoin growth in the past 24 hours constitutes 1.8% with BTC changing hands slightly above the $105,000 level at the time of this writing. The rest of the top cryptocurrencies followed suit.