An odd trend in Shiba Inu (SHIB) burns has been seen during the past 24 hours. The Shiba Inu burn rate has been fluctuating recently, occasionally reaching millions of percent and other times plummeting to the lowest levels.
The quantity of SHIB burnt was either larger or lower in these two cases. There was always some SHIB burnt in each scenario.
On May 12, things took an odd turn when a glance at the Shibburn website revealed a SHIB burn rate of -100%. There were no tokens burnt in the meantime.
Despite the likelihood of a website error, there have been no tokens destroyed in the previous 24 hours according to a quick scan of the Shibburn Twitter feed.
The most recent figures accessible at the time of publication did not yet take into account the 315 SHIB that were burnt in the previous hour.
According to the hourly SHIB burn announcement on Twitter, 0 tokens were burned in the previous day, leaving a daily burn rate of -100%.
However, with a 69% decrease in the weekly burn rate, 1.7 billion (1,732,031,673) SHIB had been consumed in the past seven days.
The removal of tokens by “burning” is anticipated to create demand and, ultimately, drive up market prices.
Shiba Inu relinquishing meme coin status
Shiba Inu’s fairly peculiar shift in SHIB burning may indicate that it is progressively losing its role as a meme coin.
Due to their potential for rapid returns and the excitement of their unpredictable nature, meme coins, which are frequently inspired by online fads or memes, continue to attract investors.
