Shiba Inu Burn Rate Plummets by -100%, Zero SHIB Burned in the Last 24 Hours

Shiba Inu has risen in popularity over the last few years. The SHIB army has also emerged as one of the strongest communities out there. This level of growth to become the second-largest meme coin out there has been achieved through numerous developments.

The Shiba Inu team has been relentlessly working on numerous projects, including the earlier-launched Shiba Eternity and the much-awaited SHIB Metaverse and Shibarium. One of the key initiatives by the SHIB developers is the burn mechanism.

The SHIB burn mechanism has been kept in place to send SHIB to dead wallets and remove them from circulation. This is done with the vision of inducing scarcity and triggering a price hike in the future. While the burn rate is quite well known for its inconsistent nature, history has repeated itself. According to details from Shibburn, the burn rate has plummeted by -100%.

Shiba Inu burn rate fails to gain momentum

Details from Shibburn reveal that zero SHIB has been sent to dead wallets in the last 24 hours. The burn rate has been on a slow ride over the past few days. Shibburn details show that 410,633,244,576,336 SHIB have been removed from the supply.

However, the current pace of burning is not enough to cause a major change in the price and demand for SHIB. The dropping burn rate is also accompanied by a drop in prices. According to CoinMarketCap, Shiba Inu is trading at $0.00001017, with a 0.48% drop in value over the last 24 hours.

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