Shiba Inu Burn Rate Crashes With Only 2 mn SHIB Burned
The Shiba Inu burn rate has dropped significantly in the past 24 hours, indicating a decrease in users’ involvement in reducing the meme coin’s supply.
Interest in burning Shiba Inu tokens was high at the beginning of the year, with the Shiba Inu team using fees generated from the Ethereum Layer 2 network Shibarium.
However, as the market recovered, the interest in burning SHIB tokens waned, with only two burn transactions recorded in the last 24 hours.
In the last day, only 2 million SHIB coins were burned, with approximately $19 worth of tokens burned. The weekly chart shows a 38% decline in the burn rate in the last seven days, with 64.85 million tokens worth around $611 burned.
The Shiba Inu team is working on automating SHIB burns on the Shibarium network using generated fees, which is expected to remove billions of tokens each month, drastically reducing supply over time.
(With inputs from Shikha Singh)
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