As a researcher with experience in the cryptocurrency market, I’m concerned about the significant decline in Shiba Inu (SHIB) token burns. The data from Shibburn indicates an over 97% drop in SHIB burns within the last 24 hours, and this trend has been ongoing for some time. This is problematic because token burns are essential for controlling the supply of SHIB tokens, which can impact its price positively when demand is high.
As a researcher studying the Shiba Inu (SHIB) cryptocurrency, I’ve observed a notable decrease in the burn rate of tokens at the start of this week. The reduction in the number of SHIB tokens being destroyed has emerged as a concern for the community within the meme coin’s ecosystem. Several contributing factors may be responsible for this decline.
SHIB’s Burn Rate Declines By 97%
As a researcher analyzing data from the Shibburn platform, I’ve discovered that the burn rate of Shiba Inu has experienced a significant decrease of more than 97% within the last 24 hours. Specifically, only 128,791 SHIB tokens were burned during this time frame. This burning occurred in merely two separate transactions: one transaction resulted in the burning of 100,000 Shiba Inu tokens, while the other transaction led to the burning of 28,791 tokens.
On the previous day, more than 4.5 million SHIB tokens were eliminated from circulation. Yet, a closer look at the trend reveals that Shiba Inu’s burn rate has been decreasing for some time. According to Shibburn, the rate of token burning for this meme coin has dropped by nearly 40% over the past week.
During the month of May, SHIB underwent a significant decrease in its monthly burn rate by approximately 78.23%. A total of over 369 million SHIB tokens were incinerated during this period. However, this figure is still considered modest when compared to the amount burned in April.
The reduction in this trend can be attributed in part to Shibarium, a layer-2 network, which has recently seen a considerable decrease in daily transactions. Notably, Shibarium played a major role in the burning of over 33.8 billion SHIB tokens last December, contributing significantly to past token destruction.
In recent developments, it seems Shibarium has been unable to carry out SHIB token burns. This may be due to insufficient transaction fees generated from daily transactions to allocate towards token burns.
Significance Of The Shiba Inu Token Burns
The burning of Shiba Inu tokens noticeably influences the value of this meme currency, amplifying its effect when there’s heightened interest in SHIB. These token burns become particularly important during periods of strong market uptrends, such as the onset of a bull run.
The popular meme coin, Shiba Inu, is predicted to experience significant interest due to the ongoing trend of meme coins. Consequently, destroying a substantial amount of SHIB tokens might fuel a dramatic increase in its value and reach unprecedented prices.
With SHIB currently having a circulating supply exceeding 589 trillion tokens, these burn events are considered essential for the meme currency to attain specific milestones in the future. Shiba Inu’s burn tracker indicates that for SHIB to hit a value of $0.01, its total circulating supply must be capped at approximately 134 trillion tokens.
Currently, the value of Shiba Inu is approximately $0.00002472 during this writing process, representing a decrease of more than 1% within the past 24 hours based on information obtained from CoinMarketCap.
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2024-06-03 18:11