Shiba Inu burn rate stagnates

Why did Shiba Inu crash with a destruction rate of only 2 million SHIB?Over the past 24 hours, the number of tokens burned and burn transactions have decreased significantly, causing Shiba Inu’s burn rate to stagnate. This rate decrease may indicate that SHIB users are less interested in reducing the meme currency supply.Shiba Inu destruction rate stallsEarlier, the number of tokens burned by Shiba Inu was high in order to reduce the supply. Shiba Inu also utilizes fees from Shibarium, the Ethereum Layer 2 network, for fee burning.As the market rebounded, the rate of SHIB token destruction decreased. Burn volume has decreased in recent weeks compared to the end of last year and the beginning of this year. Burn monitoring service Shibburn recorded only two burn transactions in the past 24 hours.Only 2 million SHIB tokens were burned in the past day, which is about $19 at current value. The previous day’s SHIB token burn volume also matches this statistic, with a difference of 1.93% over the past two days.The burn tracker shows that the meme currency is performing poorly on the weekly chart. Shibburn’s Twitter account reported that the burn rate dropped by 38% last week, with 64.85 million tokens worth $611 destroyed.Why don’t holders destroy SHIB?It could be that Shiba Inu holders are hesitant about price rebounds in the cryptocurrency market. As the market enters an explosive bull run, SHIB prices are expected to surge rapidly. Therefore, holders may be waiting for the price of their coins to increase.Shiba Inu is working hard to destroy more SHIB. Lucie, the team’s head of marketing, told Bitcoinist that their new NFT project, Sheboshi, will provide funds to burn SHIB and other tokens.Leveraging Shibarium network fees, the team is automating the destruction of SHIB. Since this burning process will eliminate billions of tokens each month, the supply will be significantly reduced.

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