 |
| SHIB |
The Shiba Inu (SHIB) community persists with its token burning strategy despite the recent downturn in the cryptocurrency market. The team has reported that a total of 15,239,220.91 SHIB tokens have been burned, effectively removing them from circulation.
This latest burn brings the cumulative total of SHIB sent to unusable wallets to 819,034,689, rendering these tokens permanently irretrievable.
SHIB Burn Rate Drops Significantly, TVL Remains Stagnant
According to data from the Shibburn website, a total of 37,643,409 SHIB were burned over the past day. However, the burn rate has decreased by 60.65%. This is a notable contrast to the previous day, which saw a substantial burn of over 110 million SHIB, causing the burn rate to surge by 12,278%.
The decline in the SHIB burn rate coincides with a roughly 3% decrease in the token's price. This, coupled with a weakening investor sentiment, has led to speculation that the Shiba Inu team may have scaled back its burning initiatives. Data indicates that the largest single transaction involved the burning of 15,239,220 SHIB approximately eight hours ago. Additionally, two separate burns of 10 million SHIB each were recorded within the last hour.
Amidst the ongoing market weakness, DeFi data platform DefiLlama reports that the Total Value Locked (TVL) on Shibarium, Shiba Inu's layer-2 scaling solution, has remained stagnant over the past day. This suggests a potential dip in investor confidence.
Despite the team's ongoing efforts in token burning and ecosystem development, the current SHIB price has not shown a significant positive reaction. Nevertheless, investors remain hopeful that these strategies will have a favorable long-term impact on the token's performance.