Shiba Inu Burn Rate Rises 1,088% in One Day, But It's Not Good
The Shiba Inu burn rate has increased in the previous 24 hours, suggesting a SHIB burning trend shift. Although this surge is impressive, the quantity of coins burned is not promising. This report discusses the Shiba Inu burns from the past day and why the big jump in burn rate is not cause for celebration.
Shibburn reports that SHIB burn rates are rising again. Due to a single transaction, the 24-hour burn rate increased 1,088% this time.
Despite a decent burn rate improvement, meme coin is still struggling to reduce supply. The solitary burn transaction in a day carried 98,136 SHIB, causing the burn rate to soar. Only 98,136 SHIB tokens were burnt in one day.
At the current Shiba Inu price of $0.00001373, just $1.34 worth of SHIB tokens were burnt last day. This transaction's significant jump has derailed the burn rate throughout the week, making it worse.
The last burn transaction occurred three days ago. Still, just three transactions were made that day. Only 22 burn transactions were conducted for Shiba Inu throughout the week.
These 22 burn transactions burnt 8.54 million SHIB tokens. At the current SHIB pricing, this burns less than $120 in tokens in seven days. It fell 94.4% from the previous week.
With the Burn?
Given the rapid burn rate earlier in the year, the Shiba Inu burn rate drop is worrying. Bitcoinist stated last week that the SHIB burn rate reduced 100% in one day, preventing fires.
In August, the Shiba Inu team launched automatic SHIB burns on Shibarium, an Ethereum Layer 2 network, to maintain burn rate. This should be wonderful news, but the Shibarium network's performance has disappointed. It is the poorest Ethereum Layer 2 network, and automated burns have stopped due to no costs.
In this context, the Shiba Inu community has taken another measure to decrease meme currency supplies. A petition was established to have Binance burn SHIB coins like LUNC tokens. The petition only has 1,383 signatures, thus Binance hasn't seen it.
