$SHIB Shiba Inu (SHIB) Token Burn Activity Comes to a Halt
In the past 24 hours, there have been no SHIB tokens burned, according to data from the Shibburn wallet tracker. This marks a notable pause in the community's efforts to reduce the supply of this popular meme coin, showing a 100% drop in burn activity.
Recent Burn Overview:
On October 23, over 27 million SHIB were burned, leading to an impressive 6,750% surge in the burn rate. However, since that event, the burn rate has stagnated, with no further tokens being removed from circulation.
Possible Reasons:
While the lack of burn activity may raise concerns, it could be a temporary glitch in the Shibburn tracker, which has experienced similar issues before. Notably, the last confirmed burn transaction came from the OKX exchange, involving 385,991 SHIB transferred to a dead-end wallet.
SHIB Supply Context:
To date, the SHIB community has successfully burned 410.73 trillion tokens, largely due to a significant contribution from Ethereum co-founder Vitalik Buterin, who burned nearly all the SHIB tokens sent to him in 2021. Currently, around 583.56 trillion SHIB tokens remain in circulation.
Ongoing Burn Mechanisms:
Earlier this year, Shiba Inu developers implemented an automated burning mechanism that converts BONE tokens collected from Shibarium transaction fees into SHIB, which is then locked in inaccessible wallets, ensuring a continuous burn process.
Price Movements:
Despite the recent pause in burn activity, SHIB has shown a slight price recovery, gaining over 3% after a recent decline. Between October 19 and 23, the coin's value dropped more than 10%, from $0.00001935 to $0.00001731. As of now, SHIB is trading at approximately $0.00001765, reflecting broader market trends.
