I Shiba Inu tracking website Shibburn recently revealed how many SHIB tokens were burned in September. I the temperature saw an incredible explosion compared to the number of tokens burned last month.
Shiba Inu Burn Rate Spikes In September
Shibburn revealed in X post that approximately 2.4 billion Shiba Inu tokens ($42,069) were burned in September through 131 transactions. This represents a 249% spike in monthly sales, as 680 million SHIB tokens have been burned in August. This is a positive development for the Shiba Inu ecosystem, considering the impact the token burn could have on SHIB’s value in the long term.
The increase in the number of Shiba Inu in the month of September is believed to be due to amazing run the character of the meme you had last month. This boosted the confidence of investors in the meme coin accumulation during September.
The practice of hoarding by Shiba Inu whales ultimately leading to more SHIB tokens being burned as other transaction fees are reserved for purchase and burning. Interestingly, the SHIB ecosystem was able to manage this scale of burnout Daily sale of Shibarium he lives in the whole apartment in September.
Meanwhile, it remains to be seen whether the Shiba Inu burn rate in October can surpass the September feat. The fire rate this month is not off to a good start. Shibburn data shows that the burn rate has fallen by more than 93% in the past seven days. I The burn rate of the Shiba Inu is also stable in the last 24 hours, and 572,837 SHIB tokens were burned during this time, representing a decrease of 78%.
SHIB’s lower burn rate may be due to the current bearish trend in the broader crypto market. The ‘Uptober’ rally hasn’t gone as planned so far, so investors are wary of stockpiling many tokens, including SHIB. However, price gains across the board may lead to an increase in Shiba Inu sales and burn rates.
On-chain Metrics Again Paint a Bearish Picture
Shiba Inu chain metrics and paint a bearish view of the meme coin. The data from the market intelligence platform IntoTheBlock indicates that there has been a drop in value Shiba Inu owners in money. This is important as a significant drop in the price of the meme character may cause a wave of selling, leading to a significant drop in pressure.
The concentration metric is also bearish, which reflects that Shiba Inu whales they are currently withdrawing their assets instead of accumulating more tokens. SHIB’s network growth has also remained steady, with the number of new addresses per day still within the same range.
Among these bearish on-chain metrics, it is worth mentioning that Shibarium has recently achieved a notable performance: i Total network value locked (TVL) exceeded $7 million.
At the time of writing, Shiba Inu is trading at around $0.000016, up more than 1% in the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com