The post Shiba Inu’s Burn Rate Drops by 100%, What Is Going On? appeared on BitcoinEthereumNews.com.

The Shiba Inu (SHIB) burn rate has again tumbled with the number of tokens burned in the last 24 hours, painting a bearish picture for the meme coin. Shiba Inu’s burn rate has continually fluctuated since the start of the year, with a lack of a catalyst to sustain a significant amount of tokens burned daily. Shiba Inu’s Burn Rate Declines By 100% Data from the burn tracking website Shibburn shows that Shiba Inu’s burn rate has declined by over 100%, with zero tokens burned in the last 24 hours. Interestingly, no SHIB token has been burnt in the past three days, with the last token burn coming on August 13, when 802,246 Shiba Inu tokens were burnt.  Related Reading: Cardano Hits Major ATH Milestone Despite Bear Market, Will The ADA Price Rally? Further data shows that Shiba Inu’s weekly burn rate is down by over 62%, with about 42.9 million SHIB burnt in the last seven days. This decline in Shiba Inu’s burn rate comes amid Shibarium’s recent transition to an automated burn mechanism. 70% of base transaction fees earned on the layer-2 network are automatically converted to SHIB and burnt.  This transition to an automated burn mechanism was expected to positively impact Shiba Inu’s burn rate and possibly increase the number of tokens burned daily, but that hasn’t been the case so far. A plausible explanation is that the transaction fees earned on the Shibarium network haven’t been sufficient to implement automated daily token burns.  Shibarium’s network activity has declined for the past few months. Data from the Shibariumscan shows that daily transactions on the layer-2 network have stagnated and ranged between 3,000 and 8,000 in the last month. The highest daily transaction recorded during this period came on August 1, with 8,630 transactions processed that day.  As…

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Filed under: News - @ August 17, 2024 1:07 am