Shiba Inu Burn Rate Plummets 84% Despite Shibarium Launch: What's Going On?
The Shiba Inu community is buzzing, but not entirely with excitement. Recent data paints a concerning picture: the SHIB burn rate has experienced a significant drop, even with the highly anticipated Shibarium launch. Is this a temporary dip, or a sign of waning interest in the meme coin?
Shiba Inu Burn Rate Declines Sharply
Recent data from Shibburn indicates a notable decrease of -84.75% in the burn rate of Shiba Inu over the past 24 hours. This significant plummet has raised eyebrows across the crypto landscape. Data from Shibburn also shows fluctuations, with the burn rate dropping 11% in the last 24 hours and down 26% based on the weekly average.
What is the Shiba Inu Burn Rate?
The “Shiba Inu burn rate” refers to the rate at which SHIB tokens are burned or removed from circulation. The Shibburn platform meticulously tracks these burn transactions of Shiba Inu, the second-largest canine-themed cryptocurrency by market capitalization. Burning tokens is intended to reduce supply, potentially increasing the value of remaining SHIB.
Shibarium's Impact and Price Consolidation
Shiba Inu (SHIB) has recently shown renewed strength as its community ramps up token burns and Shibarium continues to process transactions. However, Shiba Inu (SHIB) sees its burn rate plummet by 94% in 24 hours amid price consolidation after a massive rally. Despite this, the meme coin's adoption soars as Shibarium continues to develop, begging the question of if they balance each other out.
Why the Plunge in Burn Rate?
The Shiba Inu burn rate has fallen significantly over the past few months, causing traders to question their interest in the token. The latest plummet in burn rate has begged speculation from the crypto community on if traders are beginning to lose interest in the meme coin. A number of factors may have contributed to this decline. What could these be? Related Reading: Shibarium Developers Say...
We'll continue to monitor the situation and provide updates as they become available. Stay tuned to see if the Shiba Inu community can reignite the burn and bolster SHIB's value.