Bitrabo Editorial
The Shiba Inu burn rate has surged significantly in the past 24 hours, indicating a shift in SHIB burning trends. Despite this spike, the amount of coins burned is not very promising. This article delves into the recent burns of Shiba Inu, explaining why the spike in the burn rate may not be as positive as it seems.
Surge in Shiba Inu Burn Rate by 1,088.66%
Data from the Shiba Inu burn tracking website Shibburn reveals a remarkable 1,088% increase in the burn rate within a 24-hour period due to a single transaction during this time.
Although the burn rate saw a positive uptick, Shiba Inu is still grappling with challenges in reducing its supply. The notable spike was triggered by a lone transaction involving 98,136 SHIB tokens, the sole burn transaction recorded for that day, resulting in the burning of 98,136 SHIB tokens.
To contextualize this, at the current SHIB price of $0.00001373, only $1.34 worth of SHIB tokens were burned in the last day. Furthermore, the significant spike from this single transaction has led to a substantial decline in the burn rate over the past week.
Prior to this transaction, the last burn activity occurred three days ago, with only three transactions completed for the entire day. Looking at the bigger picture over a week, a total of 22 burn transactions were carried out for Shiba Inu during that period.
These 22 transactions culminated in the burning of 8.54 million tokens. Based on the current SHIB price, this amounts to less than $120 worth of tokens burned over seven days, marking a 94.4% decrease from the previous week.
Current Status of the Burn Initiatives
The decline in the Shiba Inu burn rate has been concerning following the rapid progress seen earlier this year. Recently, it was reported that the SHIB burn rate plummeted by 100% in a single day, indicating a cessation of burns.
In an attempt to sustain the burning process, automated SHIB burns were introduced on the Ethereum Layer 2 network, Shibarium, earlier in August. However, these efforts have faltered due to Shibarium’s poor performance, being the least efficient Ethereum Layer 2 network, with no fees generated, resulting in the halt of automated burns.
In response to this, the Shiba Inu community initiated a petition urging Binance to commence burning SHIB tokens similar to how LUNA tokens are burned. Yet, the petition has yet to gain traction, garnering only about 1,383 signatures at the time of writing.