A significant portion of cryptocurrencies has exhibited positive price fluctuations, resulting in Shiba Inu experiencing a 2% increase in value during the last 24 hours. Despite the marginal price escalation, there has been a substantial decline observed in the pace at which SHIB tokens are being burned.
Based on the data provided by Shibbburn, the official SHIB burn tracker, the number of SHIB tokens burnt throughout the past 24 hours amounted to 983,884. This figure indicates a substantial decrease of more than 99% compared to the preceding day. The observed substantial decrease in the burn rate is expected to elicit apprehension among investors over the potential downward impact on the price of SHIB in the near future.
The burn rate of SHIB has experienced a significant decrease of 98.79%.
The basic objective of the burning of Shiba Inu tokens is to decrease their circulating supply, hence promoting scarcity and consequently increasing the value of these tokens. The burning of SHIB tokens occurs intermittently, with certain days exhibiting a higher frequency of token burn compared to others. As an illustration, the initial burning of SHIB tokens on Shiba Inu's layer-2 solution, Shibarium, resulted in the reduction of 97 million SHIB tokens.
Based on the information provided on the Shibburn website, it has been seen that throughout the preceding 24-hour period, a cumulative sum of 983,884 SHIB tokens underwent a process of burning through three distinct transactions. Notably, the largest quantity of 42,850 SHIB tokens was moved to an inactive wallet. The aforementioned data indicates a reduction of 98.79% in the quantity of tokens that were subjected to burning, signifying a substantial drop in comparison to previous days.
In order to provide a contextual framework, it is noteworthy that a cumulative sum of 81.26 million SHIB tokens underwent the process of burning on the preceding day, while an additional quantity of 49.76 million SHIB tokens underwent the same process two days prior.
Implications for Investors in Shiba Inu
Investors have the ability to burn SHIB tokens by sending them to one of the three designated SHIB burn addresses. As per the marketing lead of the Shiba Inu community, the process of SHIB burning is a collaborative endeavor within the community. According to the data obtained from the Shibburn website, the quantity of SHIB tokens that have been permanently removed from circulation exceeds 410 trillion, representing a significant reduction from the original token supply.
The observed decline in the rate of SHIB token burn has persisted over a considerable period, indicating a diminishing level of interest due to the perceived lack of impact on market dynamics. According to the documented records from Shibburn, an observed decrease of 37.12% in the quantity of SHIB tokens burned during the month of October was identified in comparison to the preceding month of September. The rate at which the burn performance occurred had a deceleration over the course of the month, despite the fact that the price of the cryptocurrency increased by more than 17% from its lowest point in October.
The current trade price of SHIB is $0.000008687, reflecting a positive increase of 23.75% over the course of the previous 30 days. The prospect of SHIB reaching a value of $1 is unpromising presently, given the substantial circulation of over 589 trillion SHIB tokens. The involvement of SHIB burns will be crucial in facilitating the attainment of the $1 milestone for the cryptocurrency, as they will effectively contribute to the reduction of the overall supply.
