Shiba Inu Burn Rate Flatlines With 99.35% Drop, Here’s Why
November 08 2023 - 5:00PM
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Shiba Inu has seen its burn rate basically flatlined in the last
after recording one of its highest jumps in history. The 99%
decline in the SHIB burn rate raises concerns over the involvement
of the community and whether burning SHIB tokens has lost its
appeal. SHIB Burn Rate Declines 99.35% Shibburn data on Wednesday,
November 8, shows a 99.35% decline in the Shiba Inu burn rate in
the last 24 hours. The burning of Shiba Inu tokens is an effort to
drastically reduce the supply but interest seems to be waning,
especially since the burn seems to have no effect on the price.
Related Reading: Crypto Analyst Says XRP Price Has Entered Markup
Phase, Why This Is Important Only 1.12 million tokens were burned
in the 24-hour period, a very low number for a full day. However,
the previous day’s activities also contributed to making this burn
figure look incredibly small. On Tuesday, November 7, Shiba Inu
marketing lead, Lucie, revealed the Shib Dream team had burned 550
million SHIB, leading to an over 14,000% surge in the burn rate.
#Shibarium Projects ♥️$SHIB BURNS https://t.co/Q9OXhl3QSX — 𝐋𝐔𝐂𝐈𝐄 |
✨Shib.io✨ (@LucieSHIB) November 7, 2023 Given this incredibly high
burn figure spiking the burn rate, the numbers for Wednesday pale
in comparison. In total, there were 10 Shiba Inu burn transactions
recorded on the blockchain, with the largest transaction carrying
only 553,521 tokens. The daily burn rate is not the only one that
has taken a hit though as the weekly timeframe has not fared well.
With the burn figure sitting at 308.74 million in the last 7 days,
the SHIB burn rate is down 35.44% on the weekly timeframe. SHIB
price rests at $0.0000082 | Source: SHIBUSD on Tradingview.com
Shiba Inu Layer 2 Follows Downtrend As the Shiba Inu burn rate
falls, its Layer 2 Shibarium network has seen a decline in its
operations as well. ShibariumScan data shows that the daily
transactions for the last 24 hours are 9,930 transactions, making
it the first time that the transaction count has fallen below
10,000 since the network was launched Related Reading: Top 3
Altcoins For November 2023 That Could 100x Your Crypto Portfolio
This decline in the number of daily transactions could suggest that
investor participation is declining on the network. And a drop in
transaction count could have a ripple effect across the entire
network. It could also contribute to a decreased burn rate. As for
the SHIB price, it continues to demonstrate strength in the market
after recovering above $0.000008 once more. Its gains for the last
day come out to 1% but is seeing much higher gains of 7.63% on the
weekly chart. Follow Best Owie on X (formerly Twitter) for market
insights, updates, and the occasional funny tweet… Featured image
from CoinMarketCap, chart from TradingView.com
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