Last week we reported on the developing burn rate of Shiba Inu tokens and what that could mean for investors. That process has continued over the weekend, as the SHIB burn rate has taken another massive jump.
The SHIB burn rate has been quite the story amidst the development of the Shiba Inu ecosystem. Subsequently, with the meme coin breaking through to an incredible 5,800% yesterday alone, just how much was burned last week?
Over 187 million SHIB burned
It was reported yesterday that upwards of 93,876,540 SHIB tokens were sent to dead wallets over the course of nine transactions. Conversely, that number is a far cry from the over 2 million that were burned just a day earlier.
Over the course of the week, news broke that a total of 187.37 million SHIB coins were burned. The number is equivalent to over $2,000 in the token’s current price. The outlook for what this means for Shiba Inu could be an interesting one.
U.Today reported, “The SHIB burning process has plateaued since September after the momentum of the last month and a half of summer.” During that period of time, a monthly burn rate average of about 4 billion was observed. That number has lowered to 2.82 Billion throughout the fall so far.
This is all taking place amidst Shiba Inu announcing two interesting developments for the ecosystem. A mobile game titled Shiba Eternity, and a Layer 2 blockchain Shibarium are in the works. The developers have indicated that these projects will impact the number of SHIBs burned.
With the burn rate seemingly plateauing, however, the coming year is bound to feature even more exciting developments.