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In a surprising twist, Shiba Inu’s burn rate dropped to zero over the past 24 hours. Following a major burn spike earlier in the week, the sudden halt has left the community speculating about the cause.
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. The data source indicates that there are no Shiba Inu coins that have been burnt, giving this measure a negative reading of 100%.
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 staggering 6,750% increase in the burn rate of Shiba Inus on that particular day. No one in the SHIB community has ever burned a meme coin since then.
Potential Shibburn Tracker Glitch Raises Concerns
A Shibburn tracker issue is the most probable explanation. On occasion, though, 0% burn data does appear on it. Etherscan reveals that 385,991 SHIB were sent to a dead-end wallet in the most recent burn transaction, which originated from the OKX exchange.
There have been 410,731,242,840,773 SHIB disposed of thus far by the Shiba Inu community and team, as reported on the Shibburn website.
Vitalik Buterin's Major Burn Contribution in 2021
In May of this year, Vitalik Buterin, a prominent figure in the Ethereum community and cofounder, burnt nearly all of the 400 trillion meme coins that he had received from the enigmatic SHIB founder, Ryoshi, in 2021. To aid in the fight against the pandemic, he transferred the remaining SHIB to an Indian cryptocurrency fund.
In all, there are 583,560,171,894,707 SHIB in circulation, as confirmed on the website. As part of a big update earlier this year, the Shiba Inu team introduced a mechanism that lets you burn SHIB coins automatically.
Shibarium Burn Mechanism Automates SHIB Disposal
Once users reach a specific transaction threshold and have saved up a specific quantity of BONE from fees, the BONE is immediately converted into Shiba Inu and sent to "inferno" wallets, where it is stored in perpetuity, U.Today shares.
The second-largest meme cryptocurrency by market cap, SHIB, has attempted to recover from its recent enormous collapse by staging a gain of almost 3% during the last day. But a 1.59% decline today canceled out the 3.6% gain.
Shiba Inu Struggles After Losing 10% Value in Days
The popular cryptocurrency with a canine theme dropped in value by over 10% between Saturday, October 19, and Wednesday, October 23, going from $0.00001935 to $0.00001731. Cryptocurrency SHIB is currently trading at $0.00001765 a coin.
