Shiba Inu’s Burn Rate Decline and Market Response

According to data obtained from Shibburn, an online platform that tracks the activity, the community in the broader Shiba Inu (SHIB) ecosystem has relented in its deflationary efforts to stabilize prices.

The community in the broader Shiba Inu (SHIB) ecosystem appears to be relenting in its deflationary efforts to prop up the memecoin’s price.

According to data obtained from Shibburn, an online platform that tracks the activity, the SHIB burn rate dropped by 81% in the last 24 hours. Only 2,459,758 SHIB tokens were sent to dead wallets during the period.

This volume pales compared to previous burn activities, which saw hundreds of millions of SHIB tokens being incinerated from the circulating supply.

The ecosystem hopes to stabilize prices and increase value by reducing the circulating supply. Currently, the circulating supply is 584,349,364,471,960 SHIB, while the total supply is 589,254,654,359,596 SHIB. The over 4 trillion SHIB difference between the total and circulating supply has been staked.

The community is currently engaged in burning SHIB through various initiatives to try and lessen the memecoin's circulating supply in hopes of increasing its value.

The burning activity appears to be slowing down as the community pivots to other projects and endeavors in the broader Shiba Inu ecosystem.

Meanwhile, the memecoin is facing bearish pressure in the market. At the time of writing, SHIB is changing hands at $0.00001289, a 5.12% decline within the last 24 hours.

However, trading volume has registered a 30.20% spike to $303.33 million. This signals interest among SHIB holders despite the bearish pressure. Ultimately, this interest can fuel a rally in the price of SHIB.