The crypto market's bearish grip has tightened its hold on Shiba Inu, manifesting in a drastic decline in its burn rate. The meme coin's burn rate has plummeted by 91.94% in just 24 hours, signaling a significant lack of interest from investors. According to Shibburn, a Shiba Inu burn tracking website, only 2.367 million SHIB tokens were burned in the last day, a far cry from the 29.5 million burned the previous day.

This sudden drop in burn rate is a recent phenomenon, as evidenced by the burn rates from earlier in the week. On May 13, Shibburn reported a 94.7% increase in burn rate, followed by a 110% increase on May 14. However, the lack of interest in burning SHIB tokens is now evident, with only four burn transactions recorded in the last 24 hours, the largest being around 1.5 million SHIB. The last burn transaction occurred 16 hours ago, indicating a significant slowdown.

The decline in daily burn rate has also impacted the weekly burn rate, with Shibburn reporting a mere 3.59% increase in the last week. Typically, a decline in burn rate indicates investors are choosing to hold onto their tokens, rather than selling. This trend is reflected in the significant drop in active SHIB deposits on exchanges, according to Santiment data. Investors are refraining from sending their tokens to exchanges, indicating an unwillingness to sell.

This trend is bullish for Shiba Inu, as a decrease in selling pressure can lead to a price recovery when demand surpasses supply. If investors continue to hold onto their tokens and the crypto market recovers, Shiba Inu may be poised for a rally. The meme coin's burning problem may soon become a thing of the past.