Burn Rate Stalls
Over the past 24 hours, the Shiba Inu burn rate has hit a standstill. Only 2 million SHIB tokens have been burned, a significant drop from previous levels. This decline suggests that SHIB users are less engaged in reducing the coin’s supply.
Waning Interest in Burning
Earlier this year, burning SHIB tokens was a popular practice aimed at reducing its supply. However, as the crypto market has recovered, interest in burning has waned. The number of burn transactions has significantly decreased compared to late last year and early this year.
Low Burn Figures
In the past 24 hours, only two burn transactions have been recorded, resulting in a total of 2 million SHIB burned. This burn rate has remained consistent for the past two days, with only a 1.93% difference.
Weekly Decline
The burn rate has also declined on the weekly chart. Over the past seven days, only 64.85 million SHIB tokens have been burned, representing a 38% decrease.
Reasons for Reduced Burning
The reluctance of SHIB holders to burn tokens may be due to the recent price recovery in the crypto market. As prices are expected to rise, holders may be holding onto their coins in anticipation of value appreciation.
Team Efforts to Burn SHIB
Despite the decline in user-led burning, the Shiba Inu team continues to make efforts to burn more SHIB. The team plans to use proceeds from its new NFT project, Sheboshi, to burn SHIB. Additionally, the team is working on automating SHIB burns on the Shibarium network using generated fees. This mechanism is expected to remove billions of tokens each month, significantly reducing the supply over time.
