Shiba Inu Burn Rate Spikes as Market Sentiment Remains Weak

Shiba Inu's burn rate has seen a significant increase of 20.86 percent over the past 24 hours, according to data from Shibburn.

The data shows that 4.99 million SHIB tokens were burned in the last day, marking a notable jump in Shiba Inu's burn rate.

However, when looking at the weekly figures, the story is slightly different.

A total of 17.32 million SHIB tokens were burned over the last seven days, but this represents a decrease of 14.42 percent from the same period in the previous week.

The current market sentiment remains weak, with most major cryptocurrencies trading near their multi-year lows and the Crypto Fear and Greed Index standing at 20, indicating fear territory.

Shiba Inu's price has managed to bounce back after hitting a low of $0.00000456 earlier this week, but it is still down nearly 15 percent from last week's performance.