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Shiba Inu

Shiba Inu Burn Rate Spikes 1,088% In One Day, But It’s Not All Good News

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Shiba Inu burn rate has seen a notable spike in the past 24 hours that suggests a turn in the tide when it comes to SHIB burning. However, despite this notable spike, it is not exactly the most encouraging of burns given the number of coins that has been burned. This report dives into the Shiba Inu burns in the last day, showing why even the large spike in the burn rate is not much to rejoice over.

Shiba Inu Burn Rate Jumps 1,088.66%

Data from the Shiba Inu burn tracking website Shibburn shows that the SHIB burn rate is back up again. This time around, there has been a significant 1,088% increase in the burn rate in the 24-hour period owing to a single transaction during this time.

Related Reading: Dogecoin Price Set To Rally 6,800% To $6.9, But This Must Happen First

In contrast to the positive increase in the burn rate, the meme coin is still seeing a lot of struggle when it comes to reducing the supply. The single transaction that caused the spike in the burn rate was carrying 98,136 SHIB, which is the only burn transaction recorded in one day. This means a total of 98,136 SHIB tokens were all that were burned in this one-day period.

Shiba Inu burn
Source: Shibburn

To put this in perspective, at the current Shiba Inu price of $0.00001373, it means that only $1.34 worth of SHIB tokens were burned in the last day. Even worse is that the large spike caused by this single transaction is the fact that the burn rate has derailed drastically over the week.

For one, the last burn transaction before this transaction was three days ago. Even then, only three transactions were recorded for the whole day. On the broader scale, looking at the whole week, only 22 burn transactions were completed for Shiba Inu in the 7-day period.

Across these 22 burn transactions, the total SHIB burned came out to 8.54 million tokens. Using the current SHIB price, this comes out to les than $120 worth of tokens burned in seven days. It is also a 94.4% decline from the previous week’s numbers.

What’s Happening With The Burn?

The decline in the Shiba Inu burn rate has been alarming given how fast the burn rate was moving earlier in the year. Last week, Bitcoinist reported that the SHIB burn rate had dropped 100% in one day, meaning no burns were carried out.

Related Reading: Ripple Vs. SEC Lawsuit: Market Expert Reveals Likely Winner In The Appeal

In an effort to keep the burn rate going, the Shiba Inu team had announced earlier in August that automated SHIB burns were implemented on the Ethereum Layer 2 network, Shibarium. While this would naturally be good news, it has fallen flat, given the performance of the Shibarium network. It is currently the worst-performing Ethereum Layer 2 network, and with no fees generated, the automated burns have ground to a halt.

Amid this, the Shiba Inu community has taken another step in an effort to reduce the meme coin’s supply. A petition was started asking the Binance exchange to start burning SHIB tokens the same way it burns LUNC tokens. However, the petition has not gotten Binance’s attention as it only gained around 1,383 signatures at the time of this writing.

Shiba Inu price chart from Tradingview.com (SHIB burn)
SHIB price holding $0.0000137 | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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