Shiba Inu (SHIB) Burn Rate Suffers 87% Decline In Single Week
In recent weeks, the burn numbers of Shiba Inu tokens have not been particularly great, especially in the past seven days. This is despite the growing optimism amongst investors about the ecosystem’s prospects. In fact, there are speculations about a potential bullish run – as things stand.
The price of the SHIB coin has been on a steady rise recently, gaining over 7% in the last seven days. According to data from CoinGecko, SHIB is currently valued at $0.00000716, with a daily trading volume of more than $118.9 million.
SHIBUSD trading at $0.00000717 | SHIBUSD chart from TradingView
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SHIB Burn Rate Drops By 87%
The amount of SHIB tokens sent to the dead wallet has decreased dramatically in the past seven days. Interestingly, these dwindling burn numbers coincide with the launch of an in-real-life (IRL) component by the popular meme-inspired ecosystem. This positive development capped off what was an overall great week.
That said, the dramatic dip in the amount of Shiba Inu tokens being burnt might be something to worry about. According to data from the Shibburn wallet tracker on Twitter, only 38,673,239 SHIB tokens were transferred to the dead wallet in the last seven days, indicating an 87% overall decrease in the token’s burn rate.
It is worth noting that SHIB’s burn rate is on some recovery at the moment, as over a million tokens have been set ablaze in the past day. This represents a whopping 281% burn rate increase in the last 24 hours.
Shibacals Launches In Anticipation Of Shibarium
Shytoshi Kusama, a prominent Shiba Inu developer, has noted in the past the challenge of moving the SHIB price based on burns only. He, however, said introducing new technologies and utilities and expanding the ecosystem can help boost SHIB’s value.
With the falling burn numbers and the launch of Shibarium drawing closer, it is clear that there should be a focus on improving the project’s value through new products and technologies. Hence, it can be said that the launch of Shibacals – the in-real-life component of Shiba Inu – is a move in the right direction. This newly-launched product is expected to push the ecosystem beyond the digital space.
According to a tweet showing a screenshot of Shytoshi’s message, Shibacals also brings us one step closer to the takeoff of Shibarium – Shiba Inu’s Layer-2 protocol. Although there is no set date for the launch of the layer-2 protocol, there are strong speculations it will launch in the Q3 of 2023.
That said, the Shibarium protocol is expected to undergo a series of tests and audits before it goes live on the mainnet.
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