Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low?

The Shiba Inu burn rate has seen another daily increase, which is a welcome development for the community. However, the figures being burned paint another picture, especially when it comes to participation from Shiba Inu holders in the SHIB burning initiative.

Shiba Inu Burn Rate Rises 81%

The Shiba Inu daily burn rate saw a significant uptick, rising an impressive 81% in a single day. While this surge is a positive for the meme coin, the number of tokens burned to cause this surge are far from impressive.

How To Get Free Crypto  

According to data from the Shiba Inu burn tracking website Shibburn, a total of 4.64 million SHIB tokens were burned in the last day. To put this in perspective, the total value of the tokens burned for the day is around $105.

Additionally, given that this constitutes an 81% increase, it means an even smaller amount of tokens were burned the prior day. Shibburn’s records show that the previous day saw a total of 1.9 million tokens burned, which is around $45 worth of coins.

This drastic decline in the number of coins being burned on a daily basis suggests muted participation from investors. This could be directly tied to Shiba Inu’s price struggle over the last few weeks, which has seen investors take a more conservative stance to protect their positions.

SHIB Price Crashes 21%

The Shiba Inu burn rate is not the only thing that has been seeing a decline in the last week, its price has also taken a hit. According to data from the token tracking platform Coinmarketcap, the Shiba Inu price is down 15% in the last week alone.

Coinbase Banner  

As a result of this 15% decline, the SHIB price has now dropped to $0.000023, which also represents a 50% drop from its March peak of $0.000044. However, its daily trading volume has seen a bullish reversal, rising 12% in the last day to $645 million. A rise in volume can often signal a return in interest to a cryptocurrency. If this is the case, then the Shiba Inu price may be headed for a reversal as investors start to place their bets once more.

At the time of writing, the SHIB price is still trending at $0.0000228, showing small daily gains of 4%. However, despite the negative headwinds the meme coin has experienced, it continues to maintain a market cap above $13.5 billion, which makes it the 11th-largest cryptocurrency in the market, ahead of the likes of Avalanche and Polkadot.

SHIB price at $0.0000228 | Source: SHIBUSDT on

Featured image from Bitcoin News, chart from

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Go to Source
Author: Scott Matherson

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.