Shiba Inu, the dog-themed cryptocurrency, saw a surprising turn of events this week. While the community burned a massive 466% more tokens (364 million!) in the last seven days, the price went down 22%.
This burn increase suggests the community is trying to make SHIB scarcer, expecting a price rise. But the opposite happened.
Several factors could be at play. The overall crypto market is volatile, with Bitcoin falling for four days straight. Shiba Inu was hit even harder, dropping 10% in that timeframe.
SHIB's price has been steadily dropping since July 3rd and could see a third day of losses. Investors are waiting on U.S. jobs data to see how the Federal Reserve might react, impacting the broader market.
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