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Shiba Inu burn

Shiba Inu Burns Stalls With Only One Burn Transaction In 24 Hours, Is This The End?

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

The Shiba Inu community burn has been going on for two years now, but there is a long way to go before the burns get anywhere close to reducing the circulating supply by a meaningful margin. This goal has moved even farther away as SHIB burns from the community have stalled. So far, there seems to be lesser and lesser participation from the Shiba Inu community when it comes to sending tokens to the burn address, with only one burn transaction recorded in the last 24 hours.

One Burn Transaction For A 226% Surge

According to the Shibburn website, which is the official website for tracking the number of SHIB tokens that are burned everyday, there has been a slowdown in the number of investors who are sending tokens to the burn addresses. Particularly, only one burn transaction was recorded in the one day period, an even worse number than the two burn transactions recorded the prior day.

Related Reading: Bitcoin Ready For New All-Time High, But Analyst Says It Needs To Clear This Level First

However, there seems to be a small positive despite the solitary burn transaction and that is the number of tokens that was burned. Shibburn’s data shows a little over 2.633 million SHIB tokens were burned in this transaction. This translates to a 226.54% increase in the burn rate given that the day before, less than 1 million tokens were burned.

Shiba Inu burn
Source: Shibburn

Over the last week, though, the metrics have been much more promising when it comes to burning SHIB tokens. The burn rate saw a notable spike toward the end of September, which sent the total burned figures for the week flying. The numbers came out to over 2 billion SHIB tokens burned, which is a 6121.99% surge in the burn rate week over week.

This means that while the numbers for the Shiba Inu burn rate over the last day are disappointing, it could be a temporary slowdown, especially as prices fall. This is because investors become more risk averse during bearish markets and are less likely to send coins to burn wallets with low prices.

Shiba Inu On The Charts

The Shiba Inu price has suffered a 5.79% crash in the last week, and the 3.23% fall on the last day has driven its price back down toward $0.000016. This is not peculiar to the meme coin, though, as the general market fell along with Bitcoin following tensions in the Middle East.

Related Reading: Dogecoin Aims For The Moon: Crypto Analyst Reveals Next Target

Shiba Inu’s daily trading volume has also taken a big hit after falling 38% in one day to sit at around $500 million at the time of writing. This suggests there is currently a lot of selling going on as the bears take control. Given the mounting pressures in the Middle East, the decline could continue until a resolution is reached.

Shiba Inu price chart from Tradingview.com
SHIB price rebounding from decline | 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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