Shiba Inu’s weekly burn rate has reached a new low in months. According to Shibburn X, 49,691,122 SHIB tokens were burned in 26 transactions over the last seven days. This amounted to a meager $417.41, with the weekly burn rate falling as low as 83%.
In the last 24 hours, almost zero dollars worth of SHIB was burned. According to Shibburn, 52,892 SHIB tokens were burned in four transactions in the last 24 hours. This equated to only $0.44, with the daily burn rate plunging by 99.21%.
In the last 7 days, there have been a total of 49,691,122 $SHIB tokens burned and 26 transactions. #SHIB pic.twitter.com/j1UAAf2coX
— Shibburn (@shibburn) November 26, 2023
The exact reason for the plunge in the burn rate remains unknown and may not necessarily indicate that the SHIB burning hype is waning.
In the past week, indications of all being not well between “Shibburn,” which tracks SHIB burns, and the Shiba Inu team emerged. However, it remains unknown whether this has an impact on the drop in SHIB burns.
Token burns have been a hotly discussed topic for the Shiba Inu community, which wants SHIB burning to run into trillions of tokens.
Such discussions now seem to be fading, overtaken by the recent developments in the Shiba Inu ecosystem, such as the newly launched SHIB magazine and Shibarium Layer 2.
More talks seem now to focus on expanding use cases for Shiba Inu and the Shibarium ecosystem, with hopes that a boost in utility might drive the SHIB token price.
Because the total circulating quantity of SHIB is massive (589.35 trillion SHIB), big burn numbers can quickly create an illusion that may or may not affect the price.
In this light, the SHIB community appears to be focusing on the role of demand in determining SHIB’s price rather than just on token burning.
At the time of writing, SHIB was up 1.30% in the last 24 hours to $0.000008358.
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