The Shiba Inu burn rate has seen a rapid decline after a week of impressive activity. The number of SHIB tokens burned in the last day has fallen against the figure from the prior day, suggesting a decrease in participation when it comes to burning the meme coin.
Shiba Inu Burn Falls 10%
As data from the Shibburn website shows, the Shiba Inu burn rate has fallen almost 11% over the last day. This comes after the prior day, which saw an impressive 100% increase, with more than 200 million SHIB tokens burned in the 24-hour period.
However, Thursday has opened up with less compelling performance after less than 150 million tokens were burned. The total burn rate for the day which came out to around 147.57 million SHIB represents a 10.88% drop compared to the previous day’s performance.
For this figure, there were a total of eight burn transactions carried out, with the largest single burn being 100,877,615 SHIB. Other notable burns include a 38.5 million SHIB burn, one 3.8 million SHIB burn, one 1.5 million token burn, and two transactions carrying a little over one million tokens each.
The burn has nonetheless contributed to the weekly burn rate, bringing it to more than 616.2 million tokens burned. This represents an approximately 200% increase in the week-on-week burn rate for Shiba Inu.
SHIB Community Slowing Down?
The slowdown in the Shiba Inu burn rate could be attributed to the fact that the SHIB price has seen a slowdown over the last day. After a 300% rally brought its price above $0.00004, SHIB has since lost in footing and has dropped back down to $0.00003.
This crash came when the Bitcoin price touched its previous all-time high of $69,000 and crashed back down. As a result, the SHIB price is down 20% from its recent local peak. Nevertheless, it is still seeing 132% gains on the weekly chart, and with a market cap of $18.8 billion, Shiba Inu is currently the 10th-largest cryptocurrency by market cap.
Major developments from the team is also helping to strengthen the SHIB price. One of these developments is the launch of the SHIB Name Service (SNS), allowing users to claim their own unique .shib names. The development has been well-received by the community and has even earned praise from founder and former CEO of BitMex crypto exchange, Arthur Hayes.