Shiba Inu Burn Rate Plummets 63% in One Week
27. März 2023 | by admin
• Shiba Inu (SHIB) burn rate has decreased by 63% in the past week.
• The community has burnt up to 856 million SHIB tokens, valued at $9,000.
• Despite the buzz surrounding Shibarium, token burns have been on a downward slope for 4 weeks.
Shiba Inu Burn Rate Falls 63%
The shiba inu (SHIB) burn campaign has seen a sharp decline of 63% over the past week. According to Shibburn, a dedicated shiba inu burn-tracking resource, the community has incinerated up to 856 million SHIB tokens, currently valued at $9,000. This marks the fourth consecutive week of persistent declines despite the buzz surrounding Shibarium and its beta launch on March 11th.
Previous Week’s Burn Rate
As of March 20th, the weekly burn rate amounted to 1.49 billion shiba inu tokens; this was still comparatively higher than the latest figure but marked a 69.26% drop from two weeks ago. These persistent declines have been dominant throughout this month despite occasional spikes in daily burns and excitement around Shibarium’s layer-2 network development.
Price Action of Shiba Inu
Despite these drops in token burns, SHIB is still registering modest losses amid market-wide turbulence; it is currently down 2.5% over the past week trading for $0.000011 at press time. Two weeks ago allegations surfaced claiming that Dogecoin creator Jackson Palmer was involved with Shibu Inu’s price manipulation which caused an immediate reaction from investors causing its price action to plummet significantly before eventually recovering back to pre-allegation levels days later as investors regained confidence in SHIB’s future potential growth prospects due to its adoption within DeFi applications and beyond as an innovative utility token asset class..
Shibarium Mainnet Launch & Benefits
The full deployment of Shibarium on mainnet is expected to provide support for further token burning initiatives as 70% of all fees from transactions will be used for burning purposes once launched; this could potentially increase investor sentiment towards SHIB if successful given its deflationary model as well as create demand for holding onto SHIB tokens rather than selling them off quickly due to their scarcity and limited supply cap given only 589 billion total supply exists compared with more widely adopted crypto assets such as Bitcoin or Ethereum which both have much larger supplies than other altcoins like Shibu Inu which can make them more attractive investment opportunities depending on individual investor risk appetite considerations..
As Shibu Inu continues on its journey towards becoming one of the leading altcoin projects across DeFi space and beyond it remains important that investors remain vigilant when assessing current news updates while also trying not to get too caught up into any FOMO buying mentality that can occur during periods of heightened volatility especially given how quickly prices can move nowadays due to increased liquidity levels across crypto markets in general so always remember your personal financial goals before investing into any digital asset whether it be crypto or traditional stocks/bonds etc