💥 Shiba Inu network activity remains strong, with a 2332% surge in burn rate

After multiple attempts to recover and reclaim previous highs, Shiba Inu has entered a downtrend again.

Despite the continued price weakness, network activity for Shiba Inu remains on the rise, with burn activity skyrocketing at a rapid pace.

🔸 8,216,135 SHIB has been burned out of circulation

As of Thursday, April 2nd, tracking platform Shibburn shows that in the past 24 hours, Shiba Inu's burn rate has surged by an astonishing 2332%.

This massive spike in burn rate, coupled with the burning of a total of 8,216,135 SHIB sent to "dead wallets" through seven transactions in the past day.

Although the value of SHIB burned during this period is only about $49, this figure represents a significant increase compared to the tokens burned the previous day.

While large-scale burning activities occurred during a period when the entire crypto market faced further volatility and SHIB continued to decline, strong network activity offers some reassurance to investors.

At the time of writing, Shiba Inu's trading price is $0.055837, down 2.03% over the past 24 hours.

🔸 SHIB Open Interest (OI) declines

The negative trend in SHIB's trading price has also extended to its derivatives market, with open interest showing a mild decrease of 1.68%.

The Shiba Inu derivatives market is also signaling a bearish outlook, as futures traders are becoming more cautious. SHIB futures activity on Coinbase has further decreased by 6.56%, indicating that even U.S. traders are beginning to grow weary of this leading dog-themed meme token.