Shiba Inu’s Weekly Burn Rate Jumps as SHIB Hits Network Milestone
According to Shibburn X, 49,691,122 SHIB tokens have been burned in 26 transactions over the past seven days. This significant burn rate signifies the growing popularity of Shiba Inu and its network. The headline for this article could be “Shiba Inu’s Weekly Burn Rate Soars as SHIB Achieves Network Milestone.”
In the past 24 hours, approximately zero dollars’ worth of SHIB tokens have been burned. Shibburn reported that 52,892 SHIB tokens were burned in four transactions during this timeframe. This amounts to only $0.44, indicating a drastic 99.21% decrease in the daily burn rate. The exact reason for this decline is still unknown, and it may not necessarily imply a diminishing interest in SHIB burning.
Last week, signs of tension emerged between Shibburn, which tracks SHIB burns, and the Shiba Inu team. However, it remains unclear whether this has impacted the decrease in SHIB burns. The article could mention that recent developments in the Shiba Inu ecosystem, such as the launch of SHIB Magazine and Shibarium Layer 2, have overshadowed the intense discussions surrounding token burning.
READ MORE Shibburn Platform Releases a Professional Announcement Regarding SHIB Meme Tokens
The focus of conversations seems to be shifting towards expanding the use cases for Shiba Inu and the Shibarium ecosystem. The hope is that enhancing utility will lead to an increase in the price of the SHIB token. Given the massive circulating supply of SHIB (589.35 trillion SHIB), it appears that the SHIB community is emphasizing the role of demand in determining SHIB’s price rather than solely relying on token burning.
At the time of writing this report, SHIB has experienced a 1.30% increase in the past 24 hours, reaching $0.000008358.
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