Shiba Inu Price Drops by 4% as Burn Rate Slumps by -91%

Vignesh Karunanidhi
Shiba Inu Price Drops by 4% as Burn Rate Slumps by 91%
Source: MARCA

The Shiba Inu burn initiative was first revealed in July 2021. It was when the Shiba Inu development team announced that they would be burning a significant portion of their SHIB tokens.

The Shiba Inu burn was designed to reduce the overall supply of SHIB tokens in circulation, increasing the value of each remaining token. However, the burn rate has been fluctuating, with certain days posting good numbers and others posting plummeting rates.

Also read: Baby Doge Coin vs. Floki Inu? Who Put Out the Best Performance in 2023?

The burn rate that shot up by 430% yesterday has slumped. According to the details from Shibburn, the burn rate has dropped by -91.74% in the last 24 hours. During this period, only 1.9 million SHIB were sent to dead wallets.

Source: Shibburn

Shiba Inu price drops following the drop in burn rate

According to CoinMarketCap data, the price of SHIB has dropped over the last 24 hours and is trading at $0.00001309 at press time. The whole market seems to be trading in the red with single-digit losses.

Source: The Economic Times

However, the only meme coin that is trading in green is Floki Inu. Floki is up by 3.3% in the last 24 hours. Nevertheless, SHIB enjoyed a positive run in 2023. The meme coin is up by over 50% in 2023.

The one key factor that could push the price and burn rate of SHIB is Shibarium. However, the exact launch date of SHIB is unknown at the moment.