The burn rate of Shiba Inu (CRYPTO:SHIB) has seen a dramatic decline of 91.94%, signaling reduced interest and conservative investor behavior amid bearish crypto market conditions.

Shibburn, a Shiba Inu burn tracking website, reported only 2.367 million SHIB tokens burned in the last 24 hours, a stark contrast to the previous day's 29.5 million burned tokens.

The decline in burn rate coincides with Bitcoin's price dropping below $62,000, suggesting a correlation between market sentiment and Shiba Inu's burn activity.

The number of burn transactions has also decreased, with only four recorded in the last day, indicating a shift towards holding rather than selling SHIB tokens.

Despite the burn rate crash, SHIB investors continue to hold onto their tokens, leading to a decline in active SHIB deposits on exchanges and potentially setting the stage for a future price rally if market conditions improve.