With the launch of the Shibburn platform, Shiba Inu (SHIB) burns have been moving full steam ahead, burning massive amounts of SHIB over various transactions. Within a week of its launch, around 20 billion SHIB tokens were destroyed. The total number of SHIB tokens burnt has topped 50 billion now that the site has been live for over a month.
An unidentified wallet burned approximately 10 billion Shiba Inu (SHIB) coins last week. It was only worth $124,300 despite being one of the greatest burns in a single transaction. Additionally, on the 23rd of May, around 22.2 billion SHIB tokens valued at $667 million, were burned across 497 transactions.
With such large burn numbers, many were expecting a price rally, however, this is yet to be seen.
As of the 23rd of May, the burn rate stood at 43.74%. However, as of today, the burn rate has dropped to a measly -25.10%.
It would now appear that the burn mechanism has done little to push SHIB’s price in a positive direction. At press time Shiba Inu was trading at $0.00001162, down by 51.8% on the monthly charts. This points to the speculation that the burn portal has not helped SHIB regain its losses in the recent crash. Additionally, SHIB is also 86.5% down from its all-time high of $0.00008616, which it attained in October of 2021.
The positive rally that the Shib Army is so eagerly waiting for might just be a little later than expected.
Shiba Inu adoption on the rise
There is no doubt that SHIB is one of the most popular crypto projects out there. The one positive development in the SHIB sphere is the fact that Shiba Inu continues to see adoption cases around the world.
It was recently revealed that SHIB would now be accepted as a mode of payment on the Lavu restaurant app, thanks to a collaboration between Lavu and Verifone. The app supposedly has thousands of restaurants listed on the application, spread over 65 countries. This development is a big boost to SHIB’s already ever-growing user base.
The team at SHIB has also revealed a possible collaboration with RedBull, which again is sure to rile up excitement, and hence push for a positive price movement.