is again under the radar following a drastic decline in the number of tokens burned. This development is significant considering the impact that these are known to have on the meme coin.
Shiba Inu Burn Rate Crashes By Over 99%
from the burn tracking website Shibburn shows that has declined by 99.44% in the last 24 hours. Only 120,888 Shiba Inu tokens have been burned during this period, which is way low compared to the over 21 million tokens that were burned the previous day.
The instability in the number of Shiba Inu tokens burned daily continues to be a problem for the . This issue is believed to be mainly due to the significant drop in the number of daily transactions on the . The layer-2 network is known to have contributed largely to the that were burned last year.
However, hasn’t had much impact on these token burns since the start of the year with its daily transactions dropping from millions recorded last year to just a few thousand transactions as of late. This development has hindered the network from deploying a part of the transaction fees earned to Shiba Inu burns like it did last year.
Meanwhile, while Shiba Inu’s burn rate has dropped by over 99%, a positive takeaway is that it has increased by almost 15% in the last seven days. This is undoubtedly a welcome development that members of the will be glad about. However, the focus remains on sustaining this trend, given the positive impact it could have on Shiba Inu’s price, especially heading into the latter stages of the .
SHIB Price Remains Unaffected
is currently on an upward trend despite the decline in the burn rate. from CoinMarketCap shows that the meme coin is up over 8% in the last 24 hours. is also up by over 7% in the last 24 hours, signaling investors’ bullish sentiment towards the meme coin.
also paint a bullish picture for the meme coin. from the market intelligence platform shows that Shiba Inu whales have been accumulating the meme coin in the last few days. Specifically, a whale that just recently acquired 149.3 SHIB tokens
Meanwhile, the Shiba Inu ecosystem has experienced notable network growth, suggesting that new crypto investors are rotating their capital to the meme coin. Shiba Inu will likely continue to record an increased demand, with meme coins projected as one of the leading narratives in this .