The dog-themed cryptocurrency Shiba Inu recently saw a significant increase in its burn rate, which aims to decrease the total supply of SHIB tokens and potentially increase their long-term value. However, the burn rate has now stabilized at just 1.97% in the past 24 hours. Over the last seven days, 94,207,386 SHIB tokens were burned, leading to a 59.37% increase in this period. Despite the recent drop in the burn rate, the Shiba Inu community is eagerly anticipating future burn events. The market momentum for cryptocurrencies has slowed down, with Bitcoin, ETH, and SOL experiencing declines. Meme coins, including SHIB, have also seen a significant drop, coinciding with a decline in open interest. According to analysis from Glassnode, the open interest for meme coins has decreased, potentially indicating a shift in sentiment within the sector. At the time of writing, SHIB is trading at $0.00001545, down 0.06% in the last 24 hours and 4.73% weekly.



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