Shibarium's latest milestone of surpassing 10 million blocks added to the layer-2 scaling solution did not prevent the price of SHIB from plunging by 13%.
The sharp decline in SHIB's valuation was in line with the overall crypto market crash due to the global trade war.
Shiba Inu's burning mechanism has seen a significant drop in burn rates, reducing the number of tokens being destroyed.
SHIB's exchange netflow suggests a shift from self-custody to centralized platforms, potentially leading to increased selling pressure for the meme coin.