On the last day of the previous week, Shiba Inu’s burn rate hit triple digits, peaking at 1,031%, according to Shibburn. The proportion decreased further but stabilized at 800%, which is still highly significant.
Despite the high burn rate on Sunday, the total amount of SHIBs burnt was just 129.4 million, which equals $1,430. According to CryptEye statistics, 318.7 million SHIB, equal to $3,511, have been transmitted to “dead addresses” in the last week in order to burn Shiba Inu tokens.
The scenario regarding the use of SHIB’s multitrillion-trillion supply remains dual. The procedure is slower than investors and Shiba Inu aficionados desired. In contrast, beginning in July of this year, the SHIB burning process has accelerated significantly compared to earlier times. However, the rise in the burn rate did not permit more than $115,000 to be burnt in these three months or 10.4 billion SHIB.
Undoubtedly, the method and technique of burning SHIB is a crucial aspect of the SHIB coin, but developers are currently focusing on other aspects, which seem appropriate.
Given the present trend in the crypto market, where good developments are suffocating under the weight of an overall bad economic picture, a rise in SHIB burning will not result in a significant price gain for the token at this time.
Creating and enhancing initiatives, such as Shiba Eternity and Shibarium, which may also contribute to SHIB exhaustion, can provide a firm basis for Shiba Inu’s future prosperity.