Shiba Inu Burn Rate Up 800%: 1.8B SHIB Tokens Destroyed

• The Shiba Inu (SHIB) token has been on a bear trend following the unsuccessful Shibarium launch.
• SHIB’s value has dropped by 22.3% over the last seven days, resulting in the removal of almost two billion SHIB tokens from circulation.
• The increased burn rate may be caused by community-led efforts to increase scarcity and rebuild faith in the token following the Shibarium launch disaster.

Shiba Inu (SHIB) Price Decline

The Shiba Inu (SHIB) token has been on a bear trend following the unsuccessful Shibarium launch. SHIB’s value has dropped by 22.3% over the last seven days almost erasing all of last month’s gains.

Increased Burn Rate

The cryptocurrency ecosystem is ablaze with rumours and curiosity following this abrupt increase in the burn rate of Shiba Inu (SHIB). Over the past 7 days, 1,840,593,165 $SHIB tokens have been burned and 255 transactions have taken place.

Causes for Increased Burn Rate

This increased burn rate may be caused by a number of circumstances. One of the main causes could be community-led efforts to decrease the amount of SHIB in circulation, which would increase scarcity and thus increase its value.

Impact on Whale Activity

The obvious decline in whale activity on the SHIB network is one of these difficulties – from a peak of 120 large transactions there are now just 20 large transactions occurring. This decrease in whale activity can suggest significant holders lack confidence which might result in price instability but it could also lead to a more decentralized distribution minimizing any potential sell-off impacts.

Conclusion

Although burning tokens can make them scarce it does not always result in an immediate price increase – as demonstrated by Shiba Inu which was at press time trading for around $0.000007976 despite this drastic 800% rise in burn rate removing almost two billion SHIB tokens from circulation