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- Shiba Inu’s burn rate has decreased by -100% in the past 24 hours.
- No SHIB tokens were burned during this timeframe.
- The Shibburn website has highlighted the slow and erratic burn rate.
Shiba Inu has gained traction in recent years. The SHIB community has developed into one of the most robust groups in the crypto space. This significant growth, which has positioned it as the second-largest meme coin, has been facilitated by various advancements.
The Shiba Inu team has been diligently engaged in multiple projects, including the previously launched Shiba Eternity and the highly anticipated SHIB Metaverse and Shibarium. A central focus of the SHIB developers is the burn mechanism.
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The SHIB burn mechanism is designed to transfer SHIB to dead wallets, effectively removing them from circulation. This strategy aims to create scarcity and potentially drive up prices in the future. While the burn rate is recognized for its unpredictable nature, recent trends have shown a repeat of this pattern. As per information from Shibburn, the burn rate has dropped by -100%.
Shiba Inu Burn Rate Lacks Momentum
Information from Shibburn indicates that no SHIB has been sent to dead wallets in the last 24 hours. The burn rate has been gradually declining over the past few days. Shibburn reports that a total of 410,633,244,576,336 SHIB have been eliminated from the supply.
Nonetheless, the current rate of burning is insufficient to effect significant changes in the price and demand for SHIB. The declining burn rate is also mirrored by a decrease in prices. As reported by CoinMarketCap, Shiba Inu is currently trading at $0.00001017, reflecting a 0.48% decrease in value over the last 24 hours.
