Shiba

Burn

Wednesday

Dream

Shiba Inu

Shiba Inu has seen its burn rate basically flatlined in the last after recording one of its highest jumps in history. The 99% decline in the SHIB burn rate raises concerns over the involvement of the community and whether burning SHIB tokens has lost its appeal. 
<h2 class="p2" id="shib-burn-rate-declines-99-35">SHIB Burn Rate Declines 99.35%</h2> 
Shibburn data on Wednesday, November 8, shows a 99.35% decline in the <a href="https://bitcoinist.com/shiba-inu-bullish-shib-burn/" rel="nofollow">Shiba Inu burn rate</a> in the last 24 hours. The burning of <a href="https://bitcoinist.com/shiba-inu-the-shib/" rel="nofollow">Shiba Inu tokens</a> is an effort to drastically reduce the supply but interest seems to be waning, especially since the burn seems to have no effect on the price. 
Only 1.12 million tokens were burned in the 24-hour period, a very low number for a full day. However, the previous day’s activities also contributed to making this burn figure look incredibly small. On Tuesday, November 7, <a href="https://bitcoinist.com/shiba-inu-lead-dev-call-on-influencers-to-push-shib/" rel="nofollow">Shiba Inu marketing lead, Lucie</a>, <a href="https://x.com/LucieSHIB/status/1721851209697333579?s=20" rel="nofollow">revealed</a> the Shib Dream team had burned 550 million SHIB, leading to an over 14,000% surge in the burn rate. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Shibarium?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Shibarium</a> Projects <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2665.png" alt="♥" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$SHIB</a> BURNS <a href="https://t.co/Q9OXhl3QSX" rel="nofollow">https://t.co/Q9OXhl3QSX</a> 
 — 𝐋𝐔𝐂𝐈𝐄 | <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;">Shib.io<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2728.png" alt="✨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@LucieSHIB) <a href="https://twitter.com/LucieSHIB/status/1721851209697333579?ref_src=twsrc%5Etfw" rel="nofollow">November 7, 2023</a>
</blockquote> 
Given this incredibly high burn figure spiking the burn rate, the numbers for Wednesday pale in comparison. In total, there were 10 <a href="https://bitcoinist.com/shiba-inu-october-burn-rate/" rel="nofollow">Shiba Inu burn transactions</a> recorded on the blockchain, with the largest transaction carrying only 553,521 tokens. 
The daily burn rate is not the only one that has taken a hit though as the weekly timeframe has not fared well. With the burn figure <a href="https://x.com/shibburn/status/1722177226773352574?s=20" rel="nofollow">sitting</a> at 308.74 million in the last 7 days, the SHIB burn rate is down 35.44% on the weekly timeframe. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/HswBrYDw/" alt="Shiba Inu price chart from Tradingview.com (SHIB burn)" width="2650" height="1758"> 
<h2 class="p2" id="shiba-inu-layer-2-follows-downtrend">Shiba Inu Layer 2 Follows Downtrend</h2> 
As the <a href="https://bitcoinist.com/shiba-inu-burn-rate-drops/" rel="nofollow">Shiba Inu burn rate falls</a>, its Layer 2 Shibarium network has seen a decline in its operations as well. ShibariumScan data shows that the daily transactions for the last 24 hours are 9,930 transactions, making it the first time that the transaction count has fallen below 10,000 since the network was launched 
This decline in the number of daily transactions could suggest that investor participation is declining on the network. And a drop in transaction count could have a ripple effect across the entire network. It could also contribute to a decreased burn rate. 
As for the <a href="https://bitcoinist.com/shiba-inu-price-growth/" rel="nofollow">SHIB price</a>, it continues to demonstrate strength in the market after recovering above $0.000008 once more. Its gains for the last day come out to 1% but is seeing much higher gains of 7.63% on the weekly chart.

Shiba Inu Burn Rate Flatlines With 99.35% Drop, Here’s Why

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