The Shiba Inu community burns has been going on for two years now, but there is still a long way to go before the fires come anywhere close to reducing circulating supply by a meaningful margin. This goal is even further away now that SHIB burns from the community have come to a standstill. So far, there seems to be less and less participation from the Shiba Inu community when it comes to sending tokens to the fire address, with only one fire transaction recorded in the last 24 hours.
One brand transaction for a 226% increase
According to the Shibburn websitethe official website for tracking the number of SHIB tokens burned each day, there has been a slowdown in the number of investors sending tokens to the fire addresses. In particular, only one burn transaction was recorded in the one-day period, an even worse number than the two burn transactions recorded the day before.
However, there seems to be one small positive despite the lone fire transaction and that is the number of tokens that have been burned. Shibburn’s data shows that just over 2.633 million SHIB tokens were burned in this transaction. This translates to a 226.54% increase in burn rate, as less than 1 million tokens were burned the day before.
This past week, however, the statistics were much more promising Burn SHIB tokens. The burning rate saw a notable spike in late September, sending the total number of substances burned for the week flying. The numbers came to over 2 billion SHIB tokens burned, representing a 6121.99% increase in burn rate week over week.
This means that while the numbers for the Burning rate of Shiba Inu have been disappointing in the past day, it could be a temporary slowdown, especially if prices drop. This is because during bearish markets, investors become more risk-averse and less likely to send coins to burn wallets with low prices.
Shiba Inu on the charts
The Shiba Inu price has crashed 5.79% in the past week, and the 3.23% drop on the last day has sent the price back down to $0.000016. This is not inherent to the same angle, although the overall market fell along with Bitcoin due to tensions in the Middle East.
Shiba Inu daily trading volume has also taken a big hit after falling 38% in one day to around $500 million at the time of writing. This suggests there is a lot of selling going on right now as the bears take control. Given mounting pressure in the Middle East, the decline could continue until a resolution is reached.
Featured image created with Dall.E, chart from Tradingview.com