As the crypto market grapples with bearish pressures, the impact has reverberated across various metrics of meme coin Shiba Inu, with the most prominent being its burn rate, which has witnessed a significant nosedive.

The Shiba Inu burn rate has plummeted by a staggering 91.94% in a surprising turn of events over the last 24 hours. This sharp decline underscores both the lack of attention to this metric and the conservative stance adopted by investors amidst the current market climate.

According to data from the Shiba Inu burn tracking website, Shibburn, only 2.367 million SHIB tokens were burned in the last day, a stark contrast to the 29.5 million tokens burned the previous day. This decline in burn rate coincides with the recent crash of Bitcoin's price below $62,000, indicating a potential correlation between market sentiment and SHIB burn activity.

For instance, on May 13, Shibburn reported a burn of over 20.2 million tokens, representing a significant 94.7% increase at the time. This was followed by the record burn of 29.5 million tokens on May 14, marking an over 110% increase in the burn rate.

The decline in burn rate is further evident in the number of burn transactions recorded within the 24-hour period, with only four burn transactions reported, the largest of which involved around 1.5 million SHIB. Additionally, the last burn transaction was recorded 16 hours ago at the time of writing.

This decrease in daily burn rate has also impacted the weekly burn rate, with Shibburn's report showing a modest 143.35 million token burn rate in the last week, representing a mere 3.59% increase from the figures recorded in the prior week.

Despite the decline in burn rate, SHIB investors appear to be holding onto their tokens, as evidenced by a significant drop in active SHIB deposits on exchanges, according to data from Santiment. This trend suggests that investors are opting to retain their tokens rather than sell them amidst the current market uncertainty.