Are Danger Bells Ringing for Meme Coin: Burn Rate Hits 76%!

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Compared to last year, in 2023 both weekly and daily shiba inu significant increase was observed. This year, weekly burns have reached several hundred million SHIB.

However, in the past week, the burn rate has decreased by about 76% compared to the previous week. Despite the decline, approximately two hundred million SHIB meme coin sent to dead wallets.

200 Million Tokens Burned

To a recent tweet by a Shibburn wallet follower according toIn the past seven days, the SHIB army has transferred a total of 199,231,172 Shiba Inu to their “inferno” wallet, locking the coins there forever. This figure is 75.89% less than the amount burned a week ago. The SHIB cache that was burned in the last 24 hours consists of 4,931,351 SHIBs. 28.45% less than what was burned on Friday.

“Burning” the coins crypto- is to send it to wallets where money cannot be spent or otherwise withdrawn. The goal is to gradually reduce the circulating supply to make the coin deflationary and scarce, which in the long run could lead to a significant price increase.

This technique has mostly been adopted by meme coins but also by Ethereum, BNB, and a few other tokens. Still, although around 500 trillion SHIBs were burned (according to the Shibburn website), this fact had hardly any noticeable effect on the meme coin’s price.

Shytoshi Kusama Announces Shibarium Launch Date

In a blog post published in Japanese earlier this week, Shiba Inu lead developer Shytoshi Kusama said: shibarium determined the time and place where the launch of the layer-2 blockchain will be discussed.

It will take place in mid-August in Toronto, Canada, where SHIB will be one of the sponsors of the annual ETHToronto conference. It’s what the SHIB community has been looking forward to since March 11, when a Shibarium testnet under the name Puppynet became available and Kusama promised to launch the mainnet by May at the latest.

At the time of this writing, the Shiba Inu is trading at $0.00000732 on Binance after falling 3.84% since Thursday and 6.37% since Tuesday.


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