The Shiba Inu Burn Rate (SHIB). is under the radar again after a drastic drop in the number of tokens burned. This development is significant given the impact it has symbolic burns known to be on the meme coin.
Shiba Inu burn rate drops by more than 99%
Facts from the burn tracking website Shibburn shows this Shiba Inu burning rate has decreased by 99.44% in the last 24 hours. Only 120,888 Shiba Inu tokens were burned during this period, which is far low compared to the more than 21 million tokens burned the day before.
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The instability in the number of Shiba Inu tokens burned daily remains a problem for the the meme coin ecosystem. This problem is believed to be mainly due to the significant drop in the number of daily transactions on the Shibarium Network. It is known that the Layer-2 network has made a great contribution to the development of the network 76 billion Shiba Inu tokens that were burned last year.
However, Shibarium hasn’t had much impact on these token burns since the start of the year, with the number of daily transactions dropping from millions last year to just a few thousand transactions lately. This development has prevented the network from spending a portion of the transaction fees earned on Shiba Inu burns, as it did last year.
Although the Shiba Inu burn rate has dropped by more than 99%, it is a positive takeaway that it has increased by almost 15% in the last seven days. This is undoubtedly a welcome development for the members of the Shiba Inu community will be happy with it. However, the focus remains on continuing this trend, given the positive impact it could have on the Shiba Inu share price, especially in the latter stages of the stock market. running of the bulls.
SHIB price remains unaffected
Shiba Inu Award currently showing an increasing trend despite the decrease in combustion rate. Facts from CoinMarketCap shows that the meme coin is up more than 8% in the past 24 hours. Shiba Inu trading volume is also up over 7% in the past 24 hours, indicating investors’ bullish sentiment towards the meme coin.
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Statistics in the chain also paints a bullish picture for the meme coin. Facts of the market information platform InTheBlok shows that Shiba Inu whales have collected the meme coin in recent days. Specifically, on-chain analytics platform SpotOnChain revealed a whale that recently acquired 149.3 SHIB tokens
Meanwhile, the Shiba Inu ecosystem has seen remarkable network growth, indicating new crypto investors are shifting their capital to the meme coin. Shiba Inu will likely continue to see increased demand, with meme coins projected as one of the leading stories in this development. running of the bulls.
Featured image created with Dall.E, chart from Tradingview.com
