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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.
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.
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.
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.
Featured image created with Dall.E, chart from Tradingview.com
