the Burning Shiba Inu community The burn has been going on for a couple of years now, but there is still a long way to go before the burn comes close to reducing the circulating supply by a significant margin. This goal has moved further away with the cessation of SHIB burning operations from the community. So far, it appears that the Shiba Inu community is becoming less and less involved when it comes to sending tokens to a clone address, with only one clone transaction recorded in the last 24 hours.
One burn trade for a 226% increase
According to Shipburn websitethe official website for tracking the number of SHIB tokens being burned each day, there has been a slowdown in the number of investors sending tokens to burn addresses. In particular, only one copy transaction was recorded in a period of one day, which is worse than the two copy transactions recorded the previous day.
However, there seems to be a small positive despite the single burn treatment and that is the number of tokens burned. Shiburn data shows that just over 2.633 million SHIB tokens were burned in this transaction. This translates to a 226.54% increase in burn rate since less than 1 million tokens were burned the previous day.
However, over the past week, metrics have been much more promising when it comes to SHIB token burning. Burn rate saw a significant spike at the end of September, resulting in higher overall burn numbers for the week. The numbers reached over 2 billion SHIB tokens burned, representing a 6,121.99% increase in the weekly burn rate.
This means that while the Shiba Inu’s burn rate numbers over the last day were disappointing, it could be a temporary slowdown, especially with prices falling. This is because investors become more risk averse during bear markets and are less likely to send coins to burn through their portfolios at low prices.
Shiba Inu is on the charts
The Shiba Inu price suffered a 5.79% collapse last week, and a 3.23% decline in the last day sent its price down again towards $0.000016. This is not strange to me same angle, However, the overall market fell along with Bitcoin following tensions in the Middle East.
The Shiba Inu’s daily trading volume also took a big hit after falling 38% in one day to about $500 million at the time of writing. This indicates that there is currently a lot of selling going on with bears in control. Given the increasing pressures in the Middle East, it is possible that the decline will continue until a solution is found.
Featured image created with Dall.E, chart from Tradingview.com