The burn rate of Shiba Inu has remained rather stable subsequent to a significant surge, which stands as one of its most notable increases to date. The significant decrease of 99% in the SHIB burn rate has sparked apprehension on the level of community engagement and the waning allure of SHIB token burning.
The burn rate of SHIB has experienced a decline. The percentage of interest is 99.35%.
According to the Shibburn data collected on Wednesday, November 8, there has been a significant decrease of 99.35% in the burn rate of Shiba Inu during the past 24 hours. The act of burning Shiba Inu tokens is undertaken with the intention of significantly diminishing the token supply. However, it appears that interest in this practice is diminishing, particularly due to the perceived lack of impact on the token's price.
A mere 1.12 million tokens were incinerated throughout the span of 24 hours, indicating a significantly diminished quantity for a complete day. Nevertheless, the burn figure appeared much down due to the efforts of the preceding day. On November 7th, Lucie, the marketing lead for Shiba Inu, disclosed that the Shib Dream team had executed the burning of 550 million SHIB tokens, resulting in a significant rise of over 14,000% in the burn rate.
In light of the very elevated burn figure, which has resulted in a significant surge in the burn rate, the numerical data for Wednesday appear significantly diminished by contrast. A total of ten transactions involving the transfer of Shiba Inu tokens were documented on the blockchain. The transaction with the highest token count amounted to 553,521 tokens.
However, it should be noted that the negative impact has not been limited only to the daily burn rate, as the performance over the course of a week has also been unfavorable. The current burn statistic for SHIB stands at 308.74 million during the past seven days, indicating a 35.44% decrease in the burn rate on a weekly basis.
The Shiba Inu Layer 2 protocol is now experiencing a downward trend.
The decrease in the Shiba Inu burn rate has resulted in a corresponding drop in the operational activities of its Layer 2 Shibarium network. According to the data obtained by ShibariumScan, the number of daily transactions throughout the last 24 hours has been recorded at 9,930. This is a significant occurrence as it signifies the initial instance where the transaction count has dipped below the threshold of 10,000 since the inception of the network.
The observed decrease in the volume of daily transactions may indicate a potential fall in investor engagement within the network. A decrease in the number of transactions has the potential to generate a cascading impact throughout the whole network. Additionally, it has the potential to result in a reduction in the rate of combustion.
Regarding the price of SHIB, it is now exhibiting resilience within the market as it has successfully rebounded beyond the threshold of $0.000008 once again. The daily gains of the asset amount to 1%, but the weekly chart indicates much bigger gains of 7.63%.
