Shiba Inu (SHIB) Token Burns Declining
The burn rate for Shiba Inu (SHIB) tokens has witnessed a significant decline, dropping by over 97% within the last 24 hours. The decreasing number of SHIB tokens burned is a cause for concern within the meme coin ecosystem, with various factors contributing to this downward trend.
SHIB’s Burn Tracking Data
According to data obtained from the burn tracking website Shibburn, the burn rate for Shiba Inu has plummeted by more than 97%, with only 128,791 SHIB tokens burned in the past day. This decline is starkly different from the previous day where over 4.5 million SHIB tokens were burned.
- Only 128,791 SHIB tokens burned in the last 24 hours
- Significant drop in burn rate in the last 7 days
- SHIB experienced a 78.23% monthly burn rate drop in May
Impact of Shibarium on SHIB Burns
The decline in burn rate is partially attributed to the Shibarium layer-2 network. The network has seen a considerable decrease in daily transactions, significantly affecting the number of SHIB token burns. Shibarium, known for its role in the substantial burns conducted previously, has recently failed to execute SHIB token burns due to inadequate transaction fees earned from daily transactions.
Significance of SHIB Token Burns
SHIB token burns play a crucial role in influencing the meme coin’s price, particularly when coupled with a surge in demand for SHIB tokens. Amid the impending bull run in the crypto market, these burns are pivotal as they contribute to the overall scarcity and value of the Shiba Inu ecosystem.
- Expected price surge due to increased demand
- Essential to address SHIB’s circulating supply of over 589 trillion
- SHIB token burns necessary for substantial price growth
Current SHIB Price Movement
Currently, Shiba Inu is trading at around $0.00002472, experiencing a decline of over 1% in the last 24 hours based on data from CoinMarketCap. The market performance indicates the ongoing impact of the decreasing burn rate on SHIB’s value and investor sentiment.
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