Shiba Inu Burn Rate Cools Off After Spike

Burn Rate Decline

The Shiba Inu burn rate has taken a hit after a week of high activity. The number of SHIB tokens burned daily has dropped, indicating a slowdown in the community’s efforts to burn the meme coin.

10% Drop in Burn Rate

According to data from Shibburn, the burn rate has fallen by nearly 11% in the last day. This follows a previous day where over 200 million SHIB tokens were burned, marking a 100% increase. However, Thursday has seen a less impressive performance, with less than 150 million tokens burned.

Largest Burn Transactions

The total burn rate for the day stands at approximately 147.57 million SHIB, a 10.88% drop from the previous day. Eight burn transactions were recorded, with the largest single burn amounting to 100,877,615 SHIB. Other notable burns included 38.5 million SHIB, 3.8 million SHIB, 1.5 million SHIB, and two transactions of over one million tokens each.

Weekly Burn Rate Increase

Despite the slowdown, the burn has contributed to the weekly burn rate, which now stands at over 616.2 million tokens. This represents an approximate 200% increase in the week-on-week burn rate for Shiba Inu.

Community Slowdown?

The slowdown in the burn rate could be attributed to the recent dip in the SHIB price. After a 300% rally, SHIB has fallen back to $0.00003. This crash coincided with Bitcoin’s drop from its all-time high of $69,000.

SHIB Price Outlook

Despite the recent dip, SHIB is still up 132% on the weekly chart and remains the 10th-largest cryptocurrency by market cap. Major developments from the team, such as the launch of the SHIB Name Service (SNS), are also helping to support the SHIB price.