Shiba Inu (SHIB) burn rate dropped by 87% in one week

In recent weeks, the burn count for Shiba Inu tokens has not been very high, especially in the past seven days. This is despite growing optimism among investors about the ecosystem’s prospects. In fact, speculation is rife about a possible rally – as things stand.

The SHIB coin price has been on a steady rise lately, gaining over 7% over the past seven days. according to data from coingecoSHIB is currently valued at $0.00000716 with a daily trading volume of over $118.9 million.

SHIBUSD trading at $0.00000717 | SHIBUSD chart from TradingView

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87% drop in SHIB burn rate

The amount of SHIB tokens sent to dead wallets has decreased dramatically over the past seven days. Interestingly, these declining burn numbers coincide with the launch of a real-life (IRL) component by the popular meme-inspired ecosystem. This positive development capped off an overall great week.

That said, the dramatic decline in the amount of Shiba Inu tokens being burned could be a cause for concern. According to Data from Shibburn Wallet Tracker On Twitter, only 38,673,239 SHIB tokens were transferred to dead wallets in the past seven days, indicating an overall 87% reduction in the token burn rate.

It is worth noting that SHIB’s burn rate is showing some recovery at the moment, as over one million tokens have been burned over the past day. This shows a whopping 281% increase in the burn rate in the last 24 hours.

Shibakals launched in anticipation of Shiberium

Shiotoshi Kusama, a lead developer of the Shiba Inu, has noted in the past the challenge of shifting the SHIB value based solely on kindling. However, he set about introducing new technologies and utilities and expanding The ecosystem can help increase the value of SHIB.

As numbers dwindle and Shiberium’s launch draws closer, it is clear that the focus must be on improving the project’s value through new products and technologies. Therefore it can be said that Launch of Shibakals – The real life component of the Shiba Inu – is a step in the right direction. This newly launched product is expected to push the ecosystem beyond the digital space.

according to a do Showing a screenshot of Shitoshi’s message, Shibacles also brings us one step closer to the takeoff of Shiberium – the layer-2 protocol of the Shiba Inu. Although there is no set date for the launch of the layer-2 protocol, there is speculation that it will launch in the third quarter of 2023.

That said, the Shiberium protocol is expected to go through a series of tests and audits before going live on the mainnet.