According to data from the Shibburn portal, the burning rate of Shiba Inu (SHIB), one of the largest meme tokens on the market, has dropped 15 percent in the last 24 hours.
The value of the Shiba Inu (SHIB) has been on the rise in the past weeks and the burning rate has been increasing rapidly. Such a rapid increase in value led to increased market entries and further burns. On the last day of the week, it is seen that there is a decrease in the last 24 hours.
Shiba Inu Burn Rate Declining
More than 133 million Shiba Inu were burned last week, an increase of nearly 250 percent. Although a high number of SHIBs continue to be burned, there is a decrease in the burning rate.
According to the Shibburn website, the number of SHIBs burned in the last 24 hours as of the time of writing is 213,309,846. This shows that there is a 15% decrease in 24 hours.
Previously, online store Shib SuperStore, run by mobile game developer Travis Johnson, tweeted in August that it had managed to burn more than 14 million SHIBs through an affiliate program with Amazon. The founder of the incineration project believes Amazon is a solid log burner and remains committed to reducing the circulating supply of Shiba Inu.
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