Shiba Inu’s Burn Rate Decline: A Look at the Latest Trends
If you’ve been keeping an eye on Shiba Inu, you may have noticed some concerning developments regarding its burn rate. Let’s delve into the latest trends to understand what’s happening in the world of this meme coin:
Shiba Inu’s Burn Rate Takes a Hit 📉
- Recent data from the burn tracking website Shibburn reveals that Shiba Inu’s burn rate has plummeted by over 100% in the past 24 hours.
- Surprisingly, no SHIB tokens have been burned in the last three days, marking a stark contrast to previous burn rates.
- The most recent token burn occurred on August 13, when 802,246 Shiba Inu tokens were destroyed.
Weekly Burn Rate Decline and Automated Burn Mechanism 🔥
- Weekly data shows that Shiba Inu’s burn rate has dropped by over 62%, with approximately 42.9 million SHIB tokens burned in the past seven days.
- This decline coincides with Shibarium’s recent shift to an automated burn mechanism, where 70% of base transaction fees are converted to SHIB and burned on the network.
- Despite the automated mechanism, the expected increase in daily token burns has not materialized, raising questions about the network’s sustainability.
Shibarium Network Activity and Transaction Fees 💸
- Data from Shibariumscan indicates a decline in network activity, with daily transactions remaining stagnant between 3,000 and 8,000 over the last month.
- Transaction fees on the network have also decreased significantly compared to previous levels, affecting the feasibility of daily token burns.
- The team’s cautious approach to automated burns reflects the challenges posed by reduced network activity and transaction volumes.
Assessing On-Chain Metrics: A Bearish Outlook for Shiba Inu
As we analyze Shiba Inu’s on-chain metrics, a bearish outlook emerges, highlighting declining trends across various indicators:
Decrease in Large Transactions and Holder Profitability 📉
- According to data from IntoTheBlock, Shiba Inu’s large transactions have declined by over 14%, signaling diminishing interest among SHIB whales.
- Currently, only 45% of Shiba Inu holders are in a profitable position, indicating widespread losses among investors holding the meme coin.
- The net network growth continues to decline, underscoring the lack of new investors entering the Shiba Inu ecosystem.
Current Trading Status and Price Movement 📈
- At the time of writing, Shiba Inu is trading around $0.00001338, reflecting a nearly 2% decline in the last 24 hours according to CoinMarketCap.
Hot Take: Wrapping Up the Latest Developments
As you reflect on the recent trends surrounding Shiba Inu’s burn rate and on-chain metrics, it’s evident that challenges persist for this meme coin. Stay informed on the evolving landscape of the crypto market to make informed decisions regarding your investments.
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