Shiba Inu has quickly become one of the most popular memecoins. Even while it lags behind DOGE in terms of market capitalization, it is well ahead in terms of development. Earlier this year, the option to burn SHIB was implemented. However, the Shiba Inu burn rate has since decreased.
SHIB burn is a new campaign that aims to minimize the number of SHIB in circulation. Not just Shiba Inu, but other cryptocurrencies have used this strategy to minimize the number of tokens in circulation.
The burn process will make SHIB scarce and will help in gaining value over time.
Shiba Inu burn rate plummets
Various platforms aid in burning SHIB by sending them to dead wallets. However, the Shibburn website is one of the most popular among them. According to the data from the website, 410,381,134,048,839 have been burned from its initial supply. However, the burn rate that was soaring around 4,000% last week is down by 29.49%.
In the last 24 hours, only 12,375,254 SHIB have been burned. According to the current price of Shiba Inu, it is only worth $136. Details from the Shibburn website reveal that there have only been six burn transactions to dead wallets in the last 24 hours.
Out of these six, two transactions sent only one and two SHIB to the dead wallet.
The drop in burn rate is primarily due to market pressure. The crypto market is slumping in a prolonged bear market. Major cryptos, including BTC and ETH, are trading in the red. BTC is currently trading at $19,336 and ETH at $1,332. The rise in inflation in global nations and the Fed’s decision to raise interest rates had an effect on crypto prices.
The Shiba Inu team is cooking up plans to bring in new initiatives to burn SHIB. It will aid in boosting the SHIB burns and improve scarcity.