The Shiba Inu (SHIB) community continues its token-burning strategy despite a sharp downturn in the cryptocurrency market. The team recently announced that 15,239,220.91 SHIB tokens were burned, effectively removing them from circulation. This brings the total amount of SHIB sent to unrecoverable wallets to 819,034,689 SHIB, rendering them permanently inaccessible.
SHIB Burn Rate Falls 60.65%, TVL Stagnates
According to the Shibburn website, a total of 37,643,409 SHIB tokens were burned in the past 24 hours. However, the burn rate has decreased by 60.65%. This marks a stark contrast to the previous day, when over 110 million SHIB were burned in a massive spike, driving the burn rate up by 12,278%.
Alongside the decline in the burn rate, the token’s price has also dropped by approximately 3%. This, combined with a shift toward bearish investor sentiment, has raised speculation that the Shiba Inu team may be easing its burning strategy.
Data shows that the largest single transaction occurred about eight hours ago, with 15,239,220 SHIB transferred to an unrecoverable wallet.
Additionally, two significant transfers of 10 million SHIB each were recorded an hour ago.
Amid ongoing market weakness, DeFi data platform DefiLlama reports that the total value locked (TVL) in Shibarium has remained stagnant over the past day.
This suggests a decline in investor confidence. Currently, the SHIB price shows little reaction to the team’s burning efforts and ecosystem development initiatives.
Nevertheless, investors remain hopeful that these strategies will positively impact the token’s performance in the long term.
