Shiba Inu (SHIB) Burn Rate Suffers 87% Decline In Single Week

2023-6-19 15:59

In recent weeks, the burn numbers of Shiba Inu tokens have not been particularly great, especially in the past seven days. This is despite the growing optimism amongst investors about the ecosystem’s prospects. In fact, there are speculations about a potential bullish run – as things stand.

The price of the SHIB coin has been on a steady rise recently, gaining over 7% in the last seven days. According to data from CoinGecko, SHIB is currently valued at $0.00000716, with a daily trading volume of more than $118.9 million.

Related Reading: Shiba Inu (SHIB) Positive Social Sentiment Sparks Bullish Speculation

SHIB Burn Rate Drops By 87%

The amount of SHIB tokens sent to the dead wallet has decreased dramatically in the past seven days. Interestingly, these dwindling burn numbers coincide with the launch of an in-real-life (IRL) component by the popular meme-inspired ecosystem. This positive development capped off what was an overall great week. 

That said, the dramatic dip in the amount of Shiba Inu tokens being burnt might be something to worry about. According to data from the Shibburn wallet tracker on Twitter, only 38,673,239 SHIB tokens were transferred to the dead wallet in the last seven days, indicating an 87% overall decrease in the token’s burn rate.

It is worth noting that SHIB’s burn rate is on some recovery at the moment, as over a million tokens have been set ablaze in the past day. This represents a whopping 281% burn rate increase in the last 24 hours.

Shibacals Launches In Anticipation Of Shibarium

Shytoshi Kusama, a prominent Shiba Inu developer, has noted in the past the challenge of moving the SHIB price based on burns only. He, however, said introducing new technologies and utilities and expanding the ecosystem can help boost SHIB’s value.

With the falling burn numbers and the launch of Shibarium drawing closer, it is clear that there should be a focus on improving the project’s value through new products and technologies. Hence, it can be said that the launch of Shibacals – the in-real-life component of Shiba Inu – is a move in the right direction. This newly-launched product is expected to push the ecosystem beyond the digital space.

According to a tweet showing a screenshot of Shytoshi’s message, Shibacals also brings us one step closer to the takeoff of Shibarium – Shiba Inu’s Layer-2 protocol. Although there is no set date for the launch of the layer-2 protocol, there are strong speculations it will launch in the Q3 of 2023.

That said, the Shibarium protocol is expected to undergo a series of tests and audits before it goes live on the mainnet.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

SHIBA INU (SHIB) на Currencies.ru

$ 0 (+1.82%)
Объем 24H $11
Изменеия 24h: 8.92 %, 7d: 2.86 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 3428
Доступно / Всего 0 SHIB

burn shiba inu especially days seven past

burn shiba → Результатов: 126


Price Increase Generated By Uniglo.io Burn Event, How Does The Ethereum-Based Project Compare to Shiba Inu?

As the revolutionary burn mechanism generated the price increase in Uniglo, it seems the Ethereum-based project has something in common with the popular Shiba Inu coin. Both currencies employ unique burn mechanisms, which ranked among the key factors that boosted the value and the distribution of the coins.

2022-11-7 08:32


Shiba Inu Burn Rate Spikes By 1,860% – Why Investors Should Take Note Of This

Shiba Inu, a cryptocurrency that is a spin-off of dog-themed crypto Dogecoin, is counting on massive token burning rates to stop its decline. Over the last 24 hours, over 45 million SHIB Tokens were burned During the same time frame, Shiba Inu failed to increase its trading price Analysts think the asset might “die” by the end of 2023 But despite the destruction of around 410 trillion of its supply since its introduction to the crypto space, SHIB failed to make any kind of rally as it continues to paint its charts in crimson.

2022-10-25 11:44


Shiba Inu Burn Events Spark A Rally In Altcoin Over The Past Weeks

Shiba Inu community forecast a 111 trillion SHIB burn, which spurred holders of SHIB to be bullish. According to the Shiba Inu community, 111 trillion SHIB could be burnt in the upcoming year SHIB owners may have been anticipating a positive indication when they saw a large burn Crypto’s price is set to recover its losses, according to analysis of the SHIB chart’s rising formation Over the past two months, a surge in the meme coin has been brought on by the Shiba Inu burn events.

2022-8-25 12:55