The Shiba Inu token burn program has been around for several years. It was created to help reduce the huge supply of this meme coin. At first, it got a lot of attention, with investors burning thousands of dollars’ worth of SHIB every day and removing billions of tokens from circulation. But as the market entered another bear phase, Shiba Inu has struggled, and the burn rate has slowed to almost nothing.
Shiba Inu Burns Drop to Just Hundreds of Dollars
According to Shibburn, the official tracker for daily SHIB token burns, the burn rate has fallen sharply. Over the past week, only about $10 worth of tokens have been burned each day, meaning very few tokens are being taken out of circulation.
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Over seven days, that adds up to just over $100 worth of tokens burned, which at current prices means only around 20 million SHIB were removed. The 30-day figures also show how much the burn has slowed, with less than $1,000 worth of tokens burned in a month—about 144 million SHIB.
While burning millions of tokens might sound impressive, it’s barely a drop in the ocean compared to the total SHIB supply. Official data shows there are just over 589 trillion tokens in total. Of that, 410.8 trillion have already been burned, thanks to Ethereum founder Vitalik Buterin, who started the first major SHIB burn by sending 410 trillion tokens to a burn wallet. After accounting for all burned tokens, about 585.56 trillion remain in circulation. So, the 144 million burned in the last 30 days is almost nothing compared to the total supply. As a result, there’s unlikely to be any significant reduction in SHIB supply anytime soon.
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Data from token holders also shows how much interest in the burn program has faded. Shibburn reports an average of just 3 to 5 burn transactions per day now, compared to the dozens or even hundreds that happened when the program first launched.
As for the Shiba Inu price, the meme coin continues to struggle. According to CoinMarketCap, it’s down 93% from its all-time high in 2021. Still, with a market cap of $3.1 billion, it remains the third-largest meme coin, behind Dogecoin and MemeCore.
Featured image from Dall.E, chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs based on the topic Is This the End of an Era Shiba Inu Burns Slow Down as Investors Lose Interest
BeginnerLevel Questions
1 What does burning Shiba Inu coins mean
Burning means sending coins to a wallet that can never be used again It permanently removes them from circulation making the remaining coins rarer
2 Why do people burn Shiba Inu coins
The main goal is to reduce the massive total supply of Shiba Inu In theory if demand stays the same and supply goes down the price of each coin should go up
3 What does it mean that burns are slowing down
It means the community and developers are burning fewer coins each week or month than they used to The rate of removal from circulation has dropped significantly
4 Is Shiba Inu dead or worthless now
Not necessarily dead but the hype has cooled down The price is down and fewer new investors are joining The project is still active but its not the hot trend it was in 2021
5 Why are investors losing interest
People lose interest when the price doesnt go up quickly when theres no major new news and when other newer meme coins or projects get more attention
Intermediate Advanced Questions
6 How do Shiba Inu burns actually happen
Burns happen in two main ways The Shiba Inu team uses a portion of transaction fees from their ShibaSwap platform to buy and burn coins The community voluntarily sends coins to a dead wallet The recent slowdown is in both of these activities
7 Is the burn rate the only reason the price is down
No The price is driven by overall crypto market trends investor sentiment and actual utility Even if burns were high a bear market or lack of new buyers would still cause the price to fall
8 What is Shibarium and does it affect burns
Shibarium is Shiba Inus own layer2 blockchain It was supposed to increase burns by making transactions cheaper and more frequent However the actual burn mechanism from Shibarium has been slower than many hoped contributing to the current slowdown
9 Could the burns stop completely
Yes