Shiba Inu Named “Coin of the Day” Amid Falling Burn Rate

Paigambar Mohan Raj
Shiba Inu Burn

Popular crypto analytics firm LunarCrush named Shiba Inu (SHIB) the “Coin of the Day” on May 14, Sunday. As per an official tweet, SHIB won due to a “leading combined social + market performance.” The famous dog-themed crypto project scored 45/100 on Galaxy Score with an AltRank of 434/4389.

There is no denying the popularity of Shiba Inu (SHIB). The token, or its offspring tokens, often comes out on top in listing polls. Recently a crypto exchange by the name of Tarmex held a poll on its Twitter page. The firm asked its followers and users which token they would like to see listed on the platform. A majority of votes chose Shiba Inu’s offspring token BONE. As per the poll, BONE along with BabyDoge will soon be listed on Tarmex.

BONE’s recent popularity can be attributed to the fact that the token will be used as the governance token for SHIB’s upcoming layer-2 network, Shibarium. Although the team has not yet revealed an official launch date, lead developer Shytoshi Kusama has said that Shibarium could debut by June or August.

Shiba Inu burn rate plummets by nearly 70%

According to Shibburn, SHIB’s burn tracker, a total of 1.74 billion SHIB tokens were burned last week. Moreover, the burns took place over 20 transactions. Nonetheless, burns have plummeted by 69.48% this week. Last week, a total of 3.48 billion SHIB tokens were sent to the burn wallet. Although burns are a significant part of the Shiba Inu (SHIB) ecosystem, they have rarely contributed to positive price action.

Many anticipate Shibarium to vastly increase SHIB’s burn rate, which may lead to much higher price movements for the asset. At press time, SHIB was trading at $0.00000894, up by 0.9% in the last 24 hours. On the other hand, SHIB’s burn rate was down by 11.21%.