Shiba Inu’s Burn Rate Declines in October
According to data from Shibburn, the burn rate of Shiba Inu tokens decreased significantly in October compared to September. In October, approximately 1.46 billion SHIB tokens were burned by the Shiba Inu community in 753 transactions. This represents a 37.12% decrease in burn rate performance compared to September.
Decrease in Community Engagement
The decline in burn rate may indicate a decrease in community engagement with the SHIB token. The burn rate is based on transaction activity and real engagement within the platform. In September, the platform’s marketing specialist emphasized that SHIB burns are a collective effort from both the community and developers.
Disappointment Among Crypto Community
The crypto community has expressed disappointment with Shiba Inu’s burn rate performance. Some users have criticized the slow speed of burning tokens, pointing out that it would take approximately 100 years to burn the current circulating supply of SHIB tokens.
Despite this criticism, the completion of the burning program could have a bullish effect on the price of SHIB. Over the past seven days, SHIB has seen a 5% increase and a 12% increase over the past two weeks, according to CoinGecko.
Hot Take: Shiba Inu’s Burn Rate Needs Improvement
The decline in Shiba Inu’s burn rate for October raises concerns about community engagement and token value. While the burn rate is based on transaction activity, users have expressed disappointment with the slow speed of token burning. However, if Shiba Inu can improve its burn rate and increase community involvement, it may have a positive impact on the price of SHIB. It remains to be seen how Shiba Inu will address these concerns and work towards a more effective burning program.
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