the Burning Shiba Inu Tracking website Shibburn recently revealed how many SHIB tokens were burned in September. the Burn rate It saw an impressive rise compared to the number of tokens burned in the previous month.
Shiba Inu burn rate increases in September
Shipburn She revealed in X’s post that approximately 2.4 billion Shiba Inu tokens ($42,069) were burned in September across 131 transactions. This represents a 249% increase in the monthly burn rate 680 million SHIB tokens were burned In August. This is a positive development for the Shiba Inu ecosystem, considering the impact token burning could have on the price of SHIB in the long term.
The rise in the monthly burning rate of the Shiba Inu in September is believed to be due to Impressive run Which was last month’s meme currency. This boosted investors’ confidence in accumulating the meme coin throughout September.
Accumulation trend by Shiba Inu whales It ultimately led to more SHIB tokens being burned since some of the transaction fees are reserved for buybacks and burns. Interestingly, the SHIB ecosystem has been able to manage this burn rate though Daily transactions for Shibarium It remains constant throughout September.
Meanwhile, it remains to be seen whether the Shiba Inu’s October burn rate can exceed September’s achievement. The burn rate this month is not off to a great start. Shepburn’s data shows that the burn rate has dropped by more than 93% in the past seven days. the The Shiba Inu’s burning rate also stopped In the past 24 hours, 572,837 SHIB tokens were burned during this period, representing a 78% decrease.
The decline in SHIB’s burn rate is likely due to the current bearish sentiment in the broader cryptocurrency market. The Uptober rally has not gone as planned so far, so investors are concerned about accumulating more tokens, including SHIB. However, a rebound in prices across the board could eventually lead to a spike in Shiba Inu transactions and burn rates.
On-chain metrics also paint a bearish picture
Shiba Inu scales on chain Also draw a bearish outlook for the meme coin. Data From market intelligence platform IntoTheBlock it shows that there has been a decline in the number Shiba Inu owners In money. This is important because a significant drop in the price of the meme coin could trigger a wave of selling, creating further downward pressure.
The concentration scale is also bearish, indicating this Shiba Inu whales They are currently offloading their holdings instead of accumulating more tokens. Net growth of the SHIB network also remained stagnant, with the number of new daily addresses remaining within the same range.
Amid these bearish on-chain metrics, it’s worth noting that Shibarium recently achieved a notable milestone: Total network value locked (TVL) Exceeded $7 million.
At the time of writing, the Shiba Inu is trading at around $0.000016, up more than 1% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com