Key facts
- Shiba Inu's burn initiative has significantly slowed down.
- Daily SHIB burns have dropped to approximately $10.
- Less than $1,000 worth of SHIB was burned in the last 30 days.
- Daily burn transactions have fallen from hundreds to an average of 3-5.
- Shiba Inu's price is down 93% from its all-time highs.
The Shiba Inu burn initiative, designed to reduce the meme coin's substantial supply, has seen a significant decline in activity. Initially, the program garnered considerable attention, with daily burns removing billions of SHIB from circulation. However, with the market downturn, the burn rate has slowed to a near standstill. Data from the Shibburn website indicates that over the past week, an average of only $10 worth of SHIB tokens have been burned daily, totaling just over $100 for the week, which equates to approximately 20 million SHIB tokens removed. Over the last 30 days, less than $1,000 worth of tokens, or about 144 million SHIB, have been burned. While these figures may seem large in millions, they are negligible compared to the total circulating supply of 585.56 trillion SHIB, with a total supply of just over 589 trillion tokens. The participation from holders also reflects this decline, with daily burn transactions dropping from hundreds to an average of 3-5. Shiba Inu's price has suffered, currently down 93% from its 2021 all-time highs, though it maintains a market cap of $3.1 billion, making it the third-largest meme coin.