SHIB’s Downtrend Continues Despite Burn Events and Project Developments

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SHIB Downtrend Continues Despite Burn Event
  • Shiba Inu burn tracker, Shibburn, reported a notable decrease in SHIB’s burn rate at -46.53%.
  • 37,206,893 SHIB tokens were burned in the last 24 hours as per Shibburn.
  • SHIB has been on a downtrend in 2023, struggling to go beyond $0.000008.

Just two days after the crypto community observed a significant surge in the SHIB burn rate, which reached an impressive +286.8%, the Shiba Inu burn tracker known as Shibburn has reported a notable decrease, now at -46.53%. According to Shibburn’s recent tweet, a total of 37,206,893 SHIB tokens were burned in the last 24 hours.

Shibburn’s website provides insights into how the SHIB community has been reducing the SHIB supply. On September 10, Shibburn recorded the highest number of SHIB tokens burned for the week so far, amounting to 177,820,158 tokens. While this represents a +286.8% burn rate, it still falls short of the previous record, which boasted a +224.31% burn rate.

Furthermore, the next two days saw red figures in its burn rate.  On September 11, it dropped to -60.87% and continued to stay on a downward slope at -46.53% the following day. Over the last three days, a total of 284,613,485 SHIBs were sent to unspendable blockchain addresses. Notably, the previous week recorded a total of 338,915,708 SHIB tokens burned from 84 transactions.

Shiba Inu’s marketing strategist, Lucie, recently discussed upcoming developments for Shibarium, which include Shibaswap 2.0, Shibahub, TREAT token, Metaverse, and Bone contract renouncing. Lucie emphasized that these upgrades are part of the project’s development journey and not aimed at skyrocketing the meme coin’s price to the moon.

Despite the launch of Shibarium and other upcoming products, SHIB has been on a downtrend in 2023, struggling to go beyond $0.000008. At the time of writing, SHIB is trading at $0.00000726, which is -91.79% from its all-time high in October 2021. The token’s price shows a 5.72% decline in the past week and a 30.28% drop in the last month.

CoinMarketCap data shows that Shiba Inu’s market cap decreased from around $6.1 billion on August 14 to over $4.28 billion on September 13. On top of that, recent data from the crypto analytics platform IntoTheBlock indicates that only 9% of all SHIB holders are currently in a profitable position, while a significant 89% of them find themselves at a loss.