Shiba Inu Burn Rate Sees Major Drop

Vignesh Karunanidhi
Shiba Inu Burn Rate Sees Major Drop
Source: Great Learning

Shiba Inu is a prominent meme coin, earning its place as the second largest meme coin. The team behind SHIB has shown consistent efforts towards its development, as evident from its various developments, such as the Shiba Inu Burn initiative.

The burn rate of SHIB has gained a reputation for its fluctuating nature, with some days experiencing a significant increase while others see a decline. 

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However, the Shiba Inu burn rate seems to have failed to gain traction, according to recent data. Details from Shibburn reveal that the Shiba Inu burn rate has not been that impressive over the past seven days.

Shiba Inu Burn Rate Fails to gain momentum

Shibburn data reveals that the Shiba Inu army has not been quite active in burning SHIB. The latest data shows that only 11,428,571 SHIBs were sent to dead wallets in the last 24 hours. This has also sent the burn rate down by -11.21% during this period. Weekly data from Shibburn shows that only 1,745,995,969 SHIBs were burned over the last seven days.

Also read: How Many Shiba Inu Coins Are There?

The burn numbers are lower in comparison to certain days when 2 billion SHIBs were burned in a single transaction. The burn rate has also been down by 69% in the last week as compared to the week prior. The SHIB army has to ramp up the burn game to bring the soaring burn rates back.