The Shiba Inu community’s burning efforts have been ongoing for two years, yet there remains significant progress needed before the burns can effectively reduce the circulating supply. This objective appears to be even more distant now, as the community’s efforts to burn SHIB have stagnated. Participation from the Shiba Inu community in sending tokens to the burn address has diminished, with a mere single burn transaction recorded in the past 24 hours.
One Burn Transaction Leads to a 226% Surge
As reported by the Shibburn website, which tracks the daily SHIB token burns, there has been a decline in investor participation in sending tokens to the burn addresses. Notably, only one burn transaction was recorded within the past day, which is a decrease compared to the two burn transactions seen the previous day.
On a positive note, despite the solitary burn transaction, the amount of tokens burned was significant. Data from Shibburn indicates that over 2.633 million SHIB tokens were incinerated in this transaction, resulting in a 226.54% increase in the burn rate compared to the previous day, where less than 1 million tokens were burned.
In the past week, however, the metrics concerning the burning of SHIB tokens have been much more encouraging. A significant spike in the burn rate was observed toward the end of September, propelling the total burned figures for the week to over 2 billion SHIB tokens, marking an impressive 6121.99% increase in the burn rate week over week.
This suggests that, despite the disappointing figures for the Shiba Inu burn rate in the past day, it may be a temporary dip, especially amid falling prices. Such circumstances often lead investors to become more risk-averse during bearish trends, consequently sending fewer coins to burn wallets while prices are low.
Shiba Inu’s Performance on the Charts
The price of Shiba Inu has experienced a 5.79% decline over the past week, with a 3.23% drop in just the last day, bringing its price back down to approximately $0.000016. This trend is not unique to the meme coin, as the broader market has also declined alongside Bitcoin amidst escalating tensions in the Middle East.
Shiba Inu’s daily trading volume has also seen a significant drop, plummeting 38% within a single day, now hovering around $500 million at the time of writing. This indicates a surge in selling activity as bears take control of the market. Given the ongoing pressures stemming from the Middle East, this downward trend may persist until a resolution is reached.
Featured image created with Dall.E, chart from Tradingview.com
