The burn rate of the popular Meme Coin, Shiba Inu (notably known as SHIB), once again has caught the attention of crypto-enthusiasts. In a sudden turn of events, there has been an alarming reduction in the number of SHIB tokens burned — a factor widely perceived to hold significant influence over the digital coin.
Over the course of the past 24 hours, the burn rate of Shiba Inu has plummeted by an unforeseen 99.44%, as shown by data recorded on the burn-tracking website, Shibburn. A mere total of 120,888 Shiba Inu tokens were reportedly eliminated from circulation during this period. This figure pales in comparison with the vast number of tokens, well over 21 million, which were eradicated the previous day.
It is pertinent to highlight the recurrent and turbulent instability in the number of Shiba Inu tokens being burned each day. This is seen as a growing thorn in the side of SHIB. The volatile nature of this situation ostensibly originates primarily from a noteworthy fall in daily transactions on the Shibarium network.
The Layer-2 network, Shibarium, has been a significant catalyst in the burning of an impressive 76 billion Shiba Inu tokens last year. Yet, its influence on token burns this year has noticeably waned, and with daily transactions falling from millions recorded last year to a meager few thousand recently, its role in burning SHIB tokens has been significantly compromised. The subsequent ramifications have obstructed the network’s ability to allocate transaction fees for Shiba Inu burns as it previously did.
In an intriguing twist, although Shiba Inu’s burn rate has plunged by over 99%, an encouraging development has unfolded. The burn rate has witnessed a nearly 15% increase in the past seven days, a tidbit the Shiba Inu community members are likely to welcome with open arms. However, the challenge is in maintaining this trend due to the beneficial implications it possesses for SHIB’s price, a relevant factor especially during the latter stages of the bull run.
Paradoxically, amidst this burn rate decline, Shiba Inu’s current price is riding an upward trajectory. Information furnished by CoinMarketCap indicates an over 8% upward surge of the meme coin in the last 24 hours. Additionally, the trading volume of Shiba Inu has seen a boost of 7% in the same time frame, indicating a bullish tendency among investors towards SHIB.
Amplifying this bullish sentiment, on-chain metrics paint a promising picture for Shiba Inu. Market intelligence platform IntoTheBlock’s data reveals that Shiba Inu whales have exhibited a propensity for accumulating the meme coin in the recent days. Furthermore, the on-chain analytics platform SpotOnChain disclosed the recent acquisition of 149.3 SHIB tokens by a whale.
In other news, the Shiba Inu ecosystem has showcased discernible network growth, indicative of new crypto investors shifting their capital towards the meme coin. Expectedly, Shiba Inu’s demand seems set to soar, reflecting the growing prediction of meme coins leading narratives in this ongoing bull run. However, according to a Shiba Inu price chart from Tradingview.com, SHIB price is grappling with maintaining momentum. Only time will tell if Shiba Inu can maintain this upward trajectory.
