Shiba Inu Burn Rate Flatlines With 99.35% Drop, Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	30,127,258,086	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

30,127,258,086

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0201	3.74%	0.5579	0.558	0.5581

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0201

3.74%

0.5579

0.558

0.5581

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.571	0.5326	0.538	0.5378	0.382490 - 0.852600

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.571

0.5326

0.538

0.5378

0.382490 - 0.852600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:58:44	366.42	0.558	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:58:44

366.42

0.558

USD

Price x Volume	Volume	Base Symbol	Related Pairs
51,987,544.98	94,632,663.99	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

51,987,544.98

94,632,663.99

Shiba Inu Burn Rate Flatlines With 99.35% Drop, Here’s Why

08/11/2023 11:00pm

NEWSBTC

Shiba Inu has seen its burn rate basically flatlined in the last after recording one of its highest jumps in history. The 99% decline in the SHIB burn rate raises concerns over the involvement of the community and whether burning SHIB tokens has lost its appeal. SHIB Burn Rate Declines 99.35% Shibburn data on Wednesday, November 8, shows a 99.35% decline in the Shiba Inu burn rate in the last 24 hours. The burning of Shiba Inu tokens is an effort to drastically reduce the supply but interest seems to be waning, especially since the burn seems to have no effect on the price. Related Reading: Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important Only 1.12 million tokens were burned in the 24-hour period, a very low number for a full day. However, the previous day’s activities also contributed to making this burn figure look incredibly small. On Tuesday, November 7, Shiba Inu marketing lead, Lucie, revealed the Shib Dream team had burned 550 million SHIB, leading to an over 14,000% surge in the burn rate. #Shibarium Projects ♥️$SHIB BURNS https://t.co/Q9OXhl3QSX — 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) November 7, 2023 Given this incredibly high burn figure spiking the burn rate, the numbers for Wednesday pale in comparison. In total, there were 10 Shiba Inu burn transactions recorded on the blockchain, with the largest transaction carrying only 553,521 tokens. The daily burn rate is not the only one that has taken a hit though as the weekly timeframe has not fared well. With the burn figure sitting at 308.74 million in the last 7 days, the SHIB burn rate is down 35.44% on the weekly timeframe. SHIB price rests at $0.0000082 | Source: SHIBUSD on Tradingview.com Shiba Inu Layer 2 Follows Downtrend As the Shiba Inu burn rate falls, its Layer 2 Shibarium network has seen a decline in its operations as well. ShibariumScan data shows that the daily transactions for the last 24 hours are 9,930 transactions, making it the first time that the transaction count has fallen below 10,000 since the network was launched Related Reading: Top 3 Altcoins For November 2023 That Could 100x Your Crypto Portfolio This decline in the number of daily transactions could suggest that investor participation is declining on the network. And a drop in transaction count could have a ripple effect across the entire network. It could also contribute to a decreased burn rate. As for the SHIB price, it continues to demonstrate strength in the market after recovering above $0.000008 once more. Its gains for the last day come out to 1% but is seeing much higher gains of 7.63% on the weekly chart. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from CoinMarketCap, chart from TradingView.com

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