Bitrabo Editorial
The Shiba Inu community’s token burn initiative has been ongoing for two years, yet there remains a significant distance before it can effectively lower the circulating supply. Recently, participation in the burn process has sharply declined, with only a single burn transaction happening within the last day.
One Burn Transaction Amid a 226% Increase
According to the Shibburn website, which tracks daily SHIB burns, there’s been a noticeable reduction in community engagement in burning tokens. In the last 24 hours, only one token burn transaction was completed, marking a decline from two transactions the previous day.
On a brighter note, despite the low transaction count, the volume of tokens burned was substantial. Data from Shibburn indicates that over 2.633 million SHIB tokens were incinerated in that solitary transaction, reflecting a remarkable increase of 226.54% in the burn rate compared to the prior day, when fewer than one million tokens were destroyed.
In contrast, the weekly data on SHIB token burning has shown more favorable trends. Toward the end of September, there was a significant increase in burn activity, with the total number of burned tokens surpassing 2 billion, representing a massive weekly rise of 6121.99%.
Thus, while the recent daily figures for Shiba Inu burning appear bleak, this slowdown could be temporary, particularly as market prices dip. Investors tend to tighten their spending in bearish conditions, leading to fewer coins sent to burn wallets when prices are low.
Shiba Inu Price Trends
The price of Shiba Inu has experienced a decline of 5.79% in the past week, with a 3.23% drop in the last day bringing its value closer to $0.000016. This trend is consistent with the broader cryptocurrency market, as it has also dipped alongside Bitcoin amid rising tensions in the Middle East.
Moreover, trading volume for Shiba Inu has suffered a substantial 38% decrease in a single day, settling at approximately $500 million. This decline points to increased selling activity as bearish sentiments dominate the market. The downward trend may persist until the current geopolitical issues are addressed.