Over the past few years, Shiba Inu has gained popularity and has developed a strong community known as the “SHIB army”. This growth has enabled Shiba Inu to become the second-largest meme coin.
The team behind Shiba Inu has been working on various projects, such as Shiba Eternity, SHIB Metaverse, and Shibarium. The burn mechanism has been a key focus of the SHIB developers.
Do check out: VeChain Complies with MiCA Regulation by Introducing Carbon Calculator
The SHIB burn mechanism is implemented to transfer SHIB to inactive wallets and reduce the overall supply. This approach aims to create scarcity and potentially drive up the price of the token in the future. Although the burn rate is known to fluctuate, recent data from Shibburn indicates that it has decreased by -100%.
Shiba Inu burn rate plummets again
Shibburn data indicates that there have been no SHIB transfers to inactive wallets within the last 24 hours. The burn rate has been gradually decreasing over the past few days. Shibburn records show that a total of 410,633,244,576,336 SHIB has been removed from circulation through this mechanism.
Do check out: Bitcoin Expected to Skyrocket to $100k by 2024, According to Standard Chartered
The current rate of SHIB burning is unlikely to seriously impact the price or demand for the coin. In addition, the decreasing burn rate seems to be correlated with a decline in SHIB’s market value. Based on CoinMarketCap data, the current trading price for Shiba Inu is $0.00001018, representing a 0.58% decrease in value over the last 24 hours.
