Shiba Inu Burns Stalls With Only One Burn Transaction In 24 Hours, Is This The End?

by

As an analyst with over two decades of experience in the crypto market, I’ve witnessed countless trends come and go. The current state of Shiba Inu’s burn rate has left me scratching my graying beard in bewilderment.

The Shiba Inu community burn has been going on for two years now, but there is a long way to go before the burns get anywhere close to reducing the circulating supply by a meaningful margin. This goal has moved even farther away as SHIB burns from the community have stalled. So far, there seems to be lesser and lesser participation from the Shiba Inu community when it comes to sending tokens to the burn address, with only one burn transaction recorded in the last 24 hours.

One Burn Transaction For A 226% Surge

Based on data from Shibburn’s official website, which monitors daily SHIB token burns, there has been a decrease in the number of investors sending tokens to burn addresses. Notably, only a single burn transaction was registered over the past 24 hours, which is significantly lower than the two transactions recorded the day before.

Although there was a single transaction involving a burn, there’s still a silver lining: a substantial number of SHIB tokens were incinerated. Specifically, data from Shibburn indicates approximately 2.633 million tokens were torched in this specific transaction. This represents a significant surge in the burn rate, as it amounts to a 226.54% increase compared to the day prior when less than 1 million tokens were burned.

Shiba Inu Burns Stalls With Only One Burn Transaction In 24 Hours, Is This The End?

Over the past seven days, there’s been significantly better news regarding the burning of SHIB tokens. Toward the end of September, the burn rate experienced a substantial increase, causing the weekly total burned amount to skyrocket. The results showed that more than 2 billion SHIB tokens were burned, representing a staggering 6121.99% jump in the weekly burn rate compared to the previous week.

In simpler terms, the decrease in Shiba Inu coin burn rate over the past day might just be a short-term phenomenon, possibly due to market conditions. During bear markets, investors tend to adopt a more cautious approach towards risk and may hesitate to send coins to burn wallets when prices are low.

Shiba Inu On The Charts

Over the past week, the value of Shiba Inu has dropped by 5.79%, and this decline was further aggravated by a 3.23% drop in just one day, bringing its price close to $0.000016. It’s important to note that this trend isn’t unique to Shiba Inu, as the overall cryptocurrency market has been affected too, with Bitcoin also experiencing a decrease due to escalating tensions in the Middle East.

The significant trading volume of Shiba Inu has dropped by 38% within a day, currently standing at approximately $500 million. This indicates that there’s extensive selling activity happening right now, with the bears seemingly dominating the market. As tensions in the Middle East escalate, this downward trend might persist until a resolution is found.

Shiba Inu Burns Stalls With Only One Burn Transaction In 24 Hours, Is This The End?

Read More

2024-10-04 00:11