💥 Shiba Inu witnesses strong network activity as burn rate soars 2,332%

Shiba Inu has returned to the red zone after multiple attempts to recover and regain previous highs.
Although the price remains weak, Shiba Inu's network activity continues to grow as burn activities accelerate rapidly like a rocket.
🔸 8,216,135 SHIB has been taken out of circulation
As of Thursday, April 2nd, Shibburn, the platform tracking Shiba Inu burn activity, announced data showing the burn rate of Shiba Inu skyrocketed by 2,332% in the past 24 hours.
This sharp increase in the burn rate follows a large amount of SHIB tokens being destroyed, with a total of 8,216,135 SHIB sent to dead wallets in seven separate transactions over the past day.
Although the amount of SHIB burned during this period is only worth about $49 at the current market price of SHIB, it represents a significant increase compared to the tokens burned the previous day.
While large burn activity occurs amid a broader cryptocurrency market facing further volatility and with SHIB continuing to decline, the strong network activity offers some reassurance to investors.
At press time, Shiba Inu is trading at $0.055837, down 2.03% from the 24-hour trading price.
🔸 SHIB's open interest decreases
A negative trend in SHIB's trading price has extended into its derivatives market, with open interest also declining slightly by 1.68%.
Shiba Inu's derivatives market is also signaling a bearish outlook as futures traders become more cautious. SHIB futures activity declined further on Coinbase with a drop of 6.56%, indicating that even US traders are increasingly tired of this top dog meme token.
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