💥 Shiba Inu sees strong network activity as the burn rate soars by 2,332%.

Shiba Inu, after multiple attempts to recover and regain previous highs, has returned to the red zone for trading.
Despite this persistent price weakness, Shiba Inu's network activity continues to grow as the burn activity skyrockets.
🔸 8,216,135 SHIB has exited circulation.
As of Thursday, April 2, data from the platform tracking Shiba Inu burn activity, Shibburn, reveals that the burn rate has surged an astonishing 2,332% over the past 24 hours.
The massive spike in burn rate is due to a large amount of SHIB tokens being destroyed, with a total of 8,216,135 SHIB sent to dead wallets in seven transactions over the past day.
Although the amount of SHIB burned during this period is only worth about $49 based on SHIB's market value, it marks a significant increase compared to tokens burned the previous day.
While the large-scale burn activity occurred during a period of further volatility in the broader crypto market and SHIB continued to decline, the strong network activity provided some relief for 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 Declines
The negative trend seen in SHIB's trading price has extended to its derivatives market, as its open interest also shows a slight decrease of 1.68%.
Shiba Inu derivatives market is also flashing bearish signals, as futures traders are beginning to adopt a cautious stance. SHIB futures activity on Coinbase has declined further by 6.56%, indicating that even U.S. traders are feeling fatigued with this leading dog-themed emoji token.