According to a recent report by the crypto platform Shibburn, which analyses SHIB transfers to unspendable addresses on Etherscan and then compiles this data on its website, the burn rate of Shiba Inu has decreased by little over 50% during the last day.
As it turned out, the price of Shiba Inu, which increased by one digit on Monday, has yet to return to its original level. SHIB is trading at $0.000009918 at the time of writing, losing little more than 1% in the previous day.
SHIB burn rate plummets badly
Shibburn data shows that 7,261,876 Shiba Inu coins were delivered to dead-end wallets during the past 24 hours, locking them out of the circulating supply, which currently stands at 574,121,672,859,034 SHIB. The burn rate has also decreased by 52%.
The burn rate of Shiba Inu is decreasing compared to last week and even to Monday, whereas it increased by more than 1,000% several times last week. However, the percentage growth entirely depends on the difference between the burned number of SHIB and the number of Shiba Inu that were taken out of circulation the day before.
Burn rate depends heavily on Shibarium
The Shiba Inu developer team produced Shibarium documentation after the Shibarium beta Puppynet was made available on March 11. Among other things, this literature outlined the token burning method that would be used with Shibarium.
Each testnet transaction will contribute to SHIB burning since the transaction fee is paid in BONE (the governance token of the ShibaSwap DEX), per the documentation.
A basic cost and a priority fee make up this price. 70% of the basic price will be locked into Shibarium, which will then be converted to SHIB and burnt. The blockchain will be supported with 30% of the funds.
Puppyscan data indicates that the volume of transactions during the last week was not very high. On April 20, the number of transfers reached a peak of 473,704. Since then, 20,000 SHIB transactions per day have rarely been exceeded.
Number of SHIB Twitter followers hits new high
As previously reported by U.Today, the official Shiba Inu Twitter handle now has more than 3.7 million followers, up from 3.4 million in May 2022. In the interim, there are now 2,373,725 SHIB holders, which is 900,000 fewer than the SHIB army on Twitter.
Strangely, Dogecoin, the original joke token, has 3.7 million followers on Twitter, making SHIB and DOGE competitors in this race.
