Shiba Inu price suffered a harsh reversal on Monday, Dec. 9, as Bitcoin$BTC
and other altcoins retreated.
Shiba Inu dropped by about 7% to a low of $0.000030, much lower than this monthās high of $0.000033. Other popular meme coins also experienced declines, with Popcat Popcat, Peanut the Squirrel, and Dogwifhat dogwifhat$WIF
leading the way.
Shiba Inuās retreat coincided with a significant drop in its burn rate. Data from ShibBurn showed the burn rate decreased by about 90% to 413,412 $SHIB
coins. This marked a sharp decline after a wallet burned 250 million SHIB coins in a single transaction on Friday.
Shiba Inu has burned over 410 trillion SHIB coins since its inception, leaving 589 trillion coins in circulation. This burning process is expected to continue over the long term, which could make the remaining coins more valuable.
Meanwhile, data from Shiba Inuās ecosystem indicates positive growth. Shibarium, a layer-2 network, has processed over 623 million transactions since its inception. It recently surpassed 2 million total addresses, while total BONE transfers have risen to nearly 2 million.
ShibaSwap, a decentralized exchange within the ecosystem, has achieved over $28 million in total value locked. The number of transactions in the network has increased, and annualized fees have risen to over $3.2 million.