Shiba Inu Burn Rate Stalls Amid Zero Token Burns

No one in the SHIB community has made any progress in burning their beloved meme coin in the last day, according to the Shibburn meme wallet tracker.

Shiba Inu’s burn rate has taken a surprising turn, dropping to zero over the past 24 hours. This sudden halt in SHIB burning has left the community speculating about the cause, especially after a major burn spike earlier in the week.

Shiba Inu Burn Rate Stalls with Zero Token Burns

According to the Shibburn meme wallet tracker, no one in the SHIB community has burned any of their beloved meme coin in the last day. The data source indicates that there are no Shiba Inu coins that have been burnt, giving this measure a negative 100% reading.

In three separate transactions on October 23rd, a little over 27 million Shiba Inu were sent to blockchain addresses that cannot be spent. There was a 6,750% increase in the burn rate of Shiba Inus on that particular day. No one in the SHIB community has burned a meme coin since then.

Potential Shibburn Tracker Glitch Raises Concerns

The most likely explanation for this occurrence is a Shibburn tracker issue. Occasionally, though, 0% burn data does appear on it. According to Etherscan, 385,991 SHIB were sent to a dead-end wallet in the most recent burn transaction, which originated from the OKX exchange.

The Shiba Inu community and team have now burned a total of 410,731,242,840,773 SHIB, according to the Shibburn website.

Vitalik Buterin’s Major Burn Contribution in 2021

In May of this year, prominent Ethereum figure and co-founder Vitalik Buterin burned nearly all of the 400 trillion meme coins that he had received from the enigmatic SHIB founder, Ryoshi, in 2021. He sent the remaining SHIB to an Indian cryptocurrency fund to help fight the pandemic.

There are currently 583,560,171,894,707 SHIB in circulation, according to the website. The Shiba Inu team also introduced a mechanism for automatically burning SHIB coins as part of a major update earlier this year.

Shibarium Burn Mechanism Automates SHIB Disposal

Once users reach a specific transaction threshold and have saved up a specific amount of BONE from fees, the BONE is quickly converted into Shiba Inu and sent to “inferno” wallets, where it is burned forever, shares U.Today.

SHIB, the second-largest meme cryptocurrency by market cap, has attempted to recover from its recent massive crash by rising nearly 3% in the past 24 hours. However, a 1.59% decline today erased the 3.6% gain.

Shiba Inu Suffers After Losing 10% Value in Days

The popular canine-themed cryptocurrency dropped over 10% in value between Saturday, October 19, and Wednesday, October 23, falling from $0.00001935 to $0.00001731. SHIB coin is currently trading at $0.00001765.