Shiba Inu’s burn rate surged by 231%, yet price remains unfazed

Sahana Kiran
Shiba Inu
Source – Unsplash

The Shiba Inu [SHIB] ecosystem is planning for multiple updates in 2022. The extensive Medium post by lead developer Shytoshi Kusama recently mentioned that the network is onto something big. While the developers work on upgrading the network, the SHIB Army has been aiding the ecosystem by carrying out burns.

Over the last couple of months, SHIB burns have become quite essential. Cutting down the circulating supply of the meme coin has garnered increased interest. The recent activity that occurred over the weekend pushed the burn rate by 231 percent.

The weekends have been quite popular with those who burn Shiba Inu. Throughout Friday and Saturday, a whopping 196,820,007 SHIB tokens were sent to a dead wallet. However, during press time, the burn rate was down by 63.32 percent and the total SHIB burned was at 70,215,040.

In addition to this. SHIB Super Store, a platform that carries out weekly burns revealed that July emerged as a promising month. The Shib store noted that it had burned more Shiba Inu than it did back in May. At this rate, July burns are likely to beat June as well.

Are these burns enough to push Shiba Inu’s price?

The price of SHIB hasn’t been faring well. The asset is about 87.64 percent below its all-time high of $0.00008845. Despite the extensive burns that have been carried out throughout the last couple of months, the price of SHIB hasn’t budged, at least not upwards.

A member of the Shib Army noted how burns help a lot. However, daily consistent burns were essential.

At press time, Shiba Inu was trading for a low of $0.00001098 with a nearly 4 percent drop over the last couple of hours. As seen in the above tweet, the only hope for SHIB to inch closer to its all-time high is Shibarium as well as Shibaswap 2.0.