Shiba Inu Records 100% Drop in Burn Rate

Meme coin tracker Shibburn reported that the SHIB community has made no progress in burning tokens in the last 24 hours.

Data evidences a total of zero Shiba Inu coins burned and a 100% drop in burning activity. However, on October 23, over 27 million SHIB were sent to unusable blockchain addresses via three transactions, resulting in a remarkable 6,750% spike in burning for that day.

No more coins have been burned since then, likely due to a bug in Shibburn’s tracker, which occasionally registers zero activity in the burn.

At this time, the Shibburn website states that the Shiba Inu team and its community have successfully disposed of approximately 410,731,242,840,773 SHIB. Remarkably, about 400 trillion of that amount was burned by Vitalik Buterin, co-founder of Ethereum, who received these coins from the mysterious creator of SHIB, Ryoshi, in 2021. Buterin burned almost the entire amount in May, and donated the rest to an Indian crypto pandemic relief fund.

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Currently, around 583,560,171,894,707 SHIB are in circulation, as confirmed by the website. Earlier this year, the Shiba Inu team released an update that enabled an automatic burn mechanism. This system automatically converts a certain amount of BONE accumulated from transaction fees into SHIB, which are then sent to “inferno” wallets for final removal from circulation.

Over the past day, Shiba Inu, which is the second largest cryptocurrency meme by market capitalization, saw a 1.67% drop. At the time of writing, altcoin is trading at $0.00001747

Alexander Stefanov