Long Road Ahead for Shiba Inu Community Burn
The Shiba Inu community has been actively engaged in burning tokens for two years. Despite their efforts, a significant reduction in the circulating supply remains elusive. The goal of substantially decreasing the supply has become more challenging due to a noticeable decline in community participation. Recent data indicates a reduction in the number of tokens sent to the burn address, with only one transaction recorded in the past 24 hours.
Single Burn Transaction Sparks 226% Increase
The Shibburn website, a dedicated platform for tracking SHIB token burns, has highlighted a slowdown in investor participation. In the last day, only one burn transaction was made, a drop from the two transactions recorded the previous day. Despite the decrease in transaction numbers, the amount of tokens burned in this solitary transaction was significant. Over 2.633 million SHIB tokens were burned, marking a 226.54% increase compared to the previous day’s figures, where less than 1 million tokens were burned.
Interestingly, the past week’s burn metrics have shown more promise, with a spike in activity toward the end of September. This surge resulted in over 2 billion SHIB tokens being burned, reflecting a 6121.99% increase in the weekly burn rate. While the recent daily numbers are underwhelming, this could be a temporary dip, potentially linked to falling prices. In bearish markets, investors often become more cautious and may hesitate to send tokens to burn wallets when prices are low.
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Shiba Inu Price Dynamics
Currently, the price of Shiba Inu has experienced a 5.79% decline over the past week, with a 3.23% decrease in the last 24 hours, bringing its value down to approximately $0.000016. This trend is not unique to Shiba Inu, as the broader cryptocurrency market has been affected, partly due to geopolitical tensions in the Middle East.
The daily trading volume of Shiba Inu has also seen a significant drop, falling by 38% in a single day to around $500 million. This suggests heightened selling activity as bearish sentiments dominate the market. The ongoing geopolitical tensions could prolong this decline, potentially affecting SHIB’s price until a resolution is achieved.
