Shiba Inu Burn Rate Crashes 98.79% With Less Than 1 Million tokens Burned
November 20 2023 - 12:00PM
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The majority of cryptocurrencies have started to turn green in
terms of their price movement, which has led to Shiba Inu seeing
gains of 2% over the past 24 hours. In spite of the modest increase
in price, the SHIB burn rate seems to have taken a massive
nosedive. According to the official SHIB burn tracker,
Shibbburn, only 983,884 SHIB tokens were burned in the last 24
hours, representing a decline of over 99% from the previous day. A
significant reduction of this kind in the burn rate is guaranteed
to raise concerns from investors on the likelihood of downward
pressure on SHIB’s price in the short term. SHIB Burn Rate
Plummets 98.79% The primary purpose of the Shiba Inu burning is to
reduce the amount of SHIB tokens in circulation, hence fostering
scarcity and subsequently driving up the value of SHIB tokens in
circulation. SHIB tokens are burned sporadically, with some days
witnessing more token burn than others. For example, the first SHIB
burn on Shiba Inu’s layer-2 solution Shibarium amounted to 97
Million SHIB tokens. Related Reading: Argentina Welcomes First
Pro-Bitcoin President, BTC Price Surges Above $37,000 According to
the Shibburn website, a total of 983,884 SHIB tokens were burnt in
the past 24 hours in three transactions, with the most being 42,850
SHIB tokens transferred to an inactive wallet. This figure
translates to a 98.79% decrease in the number of tokens burned, a
significant decline compared to the prior days. Source: Shibburn To
put this into perspective, a total of 81.26 million SHIB tokens
were burnt yesterday, and more than 49.76 million SHIB tokens were
burnt two days ago. Implications For Shiba Inu Investors SHIB
tokens can be burnt by any investor by sending tokens to any of the
three SHIB burn addresses. According to the Shiba Inu community’s
marketing lead, SHIB burns are a community effort. Data from the
Shibburn website shows that more than 410 trillion SHIB tokens have
been burnt from the initial supply. Related Reading: Crypto
Analyst Predicts XRP Price Will Reach $1.35 As These Metrics Heat
Up This trend of the reduction in SHIB burn rate seems to have been
going on for a while, as interest seems to be waning since the burn
seems to have no effect on the price. As records from Shibburn
show, October saw a decline of 37.12% in SHIB burns when compared
to September. The burn rate performance slowed down throughout the
month, despite the cryptocurrency’s price spiking more than 17%
from its October bottom. SHIB is currently trading at $0.000008687,
still up by 23.75% in the past 30 days. SHIB’s journey to $1 seems
bleak at the moment, considering there are more than 589 trillion
SHIB in circulation. SHIB burns will have to play an important part
before the cryptocurrency can reach the $1 mark as they will help
to decrease the total supply. SHIB price at $0.00000868 | Source:
SHIBUSD On Tradingview.com Featured image from CoinGecko, chart
from Tradingview.com
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