I Shiba Inu community is on fire it’s been going on for two years now, but there’s still a long way to go before the burn comes close to reducing circulating supply by a reasonable margin. This goal has gone too far as SHIB’s brand in the community has stalled. So far, there seems to be little to no participation from the Shiba Inu community when it comes to sending tokens to the cremation address, with only one cremation sale recorded in the last 24 hours.
One Burn Transaction For 226% surgery.
According to the Shibburn website, which is the official website for tracking the number of SHIB tokens burned every day, there has been a decrease in the number of investors sending tokens to the burned addresses. In particular, only one burning activity was recorded in a one-day period, an even worse number than the two burning activities recorded in the previous day.
However, it seems that there is a small positive despite the one-burn transaction and that is the number of tokens burned. Shibburn’s data shows just over 2.633 million SHIB tokens were burned in this transaction. This translates to a 226.54% increase in the burn rate given that the day before, less than 1 million tokens were burned.
However, in the past week, the metrics have been very promising when it comes to burning SHIB tokens. The burn rate peaked in late September, posting a week-long burn count. The numbers came out of over 2 billion SHIB tokens burned, which is 6121.99% of the weekly burn rate surgery.
This means that although the numbers of Shiba Inu culling in the last day are disappointing, it may be a short-term decline, especially as prices drop. This is because investors become more vulnerable during bearish markets and are less likely to send coins to burn wallets at lower prices.
Shiba Inu in Charts
Shiba Inu price experienced a 5.79% crash in the last week, and a 3.23% drop in the last day brought its value down to $0.000016. This is not uncommon in meme coin, however, as the general market fell along with Bitcoin following tensions in the Middle East.
Shiba Inu’s daily trading volume has also been hit hard after falling by 38% in one day to sit at around $500 million at the time of writing. This suggests that there is currently a lot of selling going on as the bears are in control. Given the growing pressures in the Middle East, the decline may continue until a resolution is reached.
The featured image was created with Dall.E, a chart from Tradingview.com