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

Shiba Inu has returned to the red zone for trading after multiple attempts to recover and regain previous highs.
Despite this persistent price weakness, Shiba Inu’s network activity continues to grow as burn activity accelerates at rocket speed.
🔸 8,216,135 SHIB has been removed from circulation
As of Thursday, April 2, data from the Shibburn platform tracking Shiba Inu burn activity 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 burned, 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 huge burn activity occurred during a period of further volatility in the broader crypto market and SHIB continued to decline, strong network activity provided some relief for investors.
At press time, Shiba Inu’s trading price was $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 open interest also shows a slight decrease of 1.68%.
Shiba Inu derivatives markets are also flashing bearish signals, as futures traders begin to adopt a cautious stance. SHIB futures activity on Coinbase has further declined by 6.56%, indicating that even U.S. traders are feeling fatigued about this leading dog-themed emoji token.