This week’s burn rate for Shiba Inus is the lowest it has been in months. Over the past seven days, 26 transactions totaling 49,691,122 SHIB tokens were burnt, according to Shibburn X. This came to a pitiful $417.41, and as low as 83% of the weekly burn rate was achieved.
Almost no SHIB worth of money was burnt in the recent day. 52,892 SHIB tokens were burned in four transactions throughout the course of the previous day, according to Shibburn. This translated to just $0.44, resulting in a 99.21% decrease in the daily burn rate.
https://x.com/shibburn/status/1728640496367550559?s=20
It’s unclear exactly why the burn rate dropped, and it might not even be a sign that the excitement surrounding SHIB burning is dying down.
The Shiba Inu team and “Shibburn,” which records SHIB burns, have been showing signs of unease over the past week. It is uncertain, therefore, if this has any bearing on the decline of SHIB burns.
The Shiba Inu community has been talking a lot about token burns and wants to see trillions of tokens burned.
These conversations currently appear to be waning as a result of recent changes to the Shiba Inu environment, such the introduction of SHIB magazine and Shibarium Layer 2.
In an attempt to increase usefulness and maybe raise the price of the SHIB token, more discussions currently appear to centre on developing use cases for Shiba Inu and the Shibarium ecosystem.
Due to the enormous total quantity of SHIB in circulation (589.35 trillion SHIB), large burn numbers might fast produce an illusion that could influence the price or not.
In this context, rather than concentrating solely on token burning, the SHIB community seems to be concentrating on the part that demand plays in setting SHIB’s price.
As of this writing, SHIB was up $0.000008358, or 1.30%, over the previous day.
