Thursday, February 22, 2024
Crypto

Shiba Inu Burn Rate Performance Plummet For The Month Of October

The month of October brought a significant decline in the burn rate performance of Shiba Inu tokens, according to records from Shibburn. In comparison to the previous month of September, the total number of Shiba Inu tokens destroyed in October saw a sharp decrease. Approximately 1.46 billion SHIB tokens were burned by the Shiba Inu community in October, carried out through 753 distinct transactions. However, despite the considerable number of tokens eradicated, this represents a decline of 37.12% in burn rate performance compared to September. The decrease in burn rate may indicate a decline in community engagement, as some members of the crypto community have expressed disappointment with the platform’s burn rate speed. Nonetheless, the successful completion of the burning program could potentially fuel a rise in the price of SHIB.

Shiba Inu’s Burn Rate Fell Significantly

According to records from Shibburn, it appears that Shiba Inu’s burn rate for the month of October saw a significant decline in the total number of Shiba Inu tokens that were destroyed in comparison to the total number that was destroyed in September.

Shibburn Reveals Burn Rate for October

Shibburn has revealed that the Shiba Inu community burnt approximately 1,461,135,923 (1.46 billion) SHIB tokens from circulation in October. The record was revealed on October 28, when a whopping 250 million SHIB were sent to an address that was deemed inaccessible.

The 1,461,135,923 (1.46 billion) SHIB tokens that were destroyed by the Shiba Inu community were carried out in 753 distinct transactions.

The post read:

“1,461,135,923 $SHIB tokens have been burned in October with 753 transactions.”

However, it may seem the number of SHIB tokens eradicated in the previous month is huge, but it indicates a decrease of 37.12% in its burn rate performance compared to September.

Reasons for Decline in Burn Rate

The platform’s burn rate might indicate a decline in community engagement in the SHIB burn. In September, its marketing specialist Lucie once told the community in September that SHIB burns are a collective effort from both the community and devs since it is based on transaction activity and real engagement from within the platform.

Impact of Marketing Specialist’s Statement in September

The marketing specialist’s statement in September may have impacted the burn rate for October. If there was a decline in community engagement due to this statement, it could explain the decrease in the burn rate. Further analysis would be necessary to determine the exact cause of the decline.

Comparison with September Burn Rate

According to the monthly burn records, the total number of SHIB tokens burnt in September was approximately 2,323,834,085 (2.32 billion) SHIB tokens. This whopping number of SHIB tokens burnt was carried out in 426 discrete transactions.

Community Reactions On SHIB Burn Rate

So far, the crypto community has not been impressed by Shiba Inu’s burn rate performance for a while now. Some users have expressed their displeasure and disappointment with the burn rate.

In response to the October monthly burn rate post, a certain X (formerly Twitter) user expressed his disappointment in the platform’s current burn rate speed. According to the user, it will take approximately 100 years to burn 1,462,000,000,000 (1.4 trillion) SHIB tokens, whereas the current circulating supply of SHIB is 589,000,000,000,000 (589 trillion).

He further added that SHIB holders are likely not to survive to see the price and laugh about it in the future.

“At this speed, you can burn 1,462,000,000,000 in 100 years, but the number of coins is 589,000,000,000,000. In the future, the holder probably won’t live to see the price and laugh,” the user stated.

Another user also pointed at the platform’s hesitation to make a move, due to PEPE destroying over 4 trillion tokens in just one day, while Shiba Inu is destroying 1.4 billion in a month.

Concerns about Time Required for Burn

The community’s concerns about the time required to burn a significant number of SHIB tokens are valid. If it takes too long to burn a large quantity of tokens, it may affect the token’s value and the community’s trust in the project.

Comparison with PEPE’s Token Destruction

The comparison with PEPE’s token destruction highlights the difference in burn rates between different projects. The community may question why Shiba Inu is taking longer to burn tokens compared to other projects and if this difference affects the token’s overall performance and value.

Impact on Price of SHIB

Nonetheless, the program’s successful completion is thought to be a bullish element that could fuel a rise in the price of SHIB. According to CoinGecko, SHIB has increased by about 5% over the past seven days and 12% over the past two weeks.

Potential Bullish Element to Fuel Price Rise

The successful completion of the burn program may act as a catalyst for a price rise in SHIB. Investors may see the decrease in the token’s supply as a positive sign, potentially increasing demand and driving up the token’s value.

Recent Increase in SHIB’s Price

The recent increase in SHIB’s price over the past few weeks indicates a positive market sentiment towards the token. It is important to monitor the market trends and investor sentiment to better understand the potential impact of the burn rate on the token’s price.

In conclusion, Shiba Inu’s burn rate for October experienced a significant decline compared to September. Possible reasons for this decline include a decline in community engagement and the impact of the marketing specialist’s statement in September. The community has expressed displeasure and disappointment with the burn rate, with concerns about the time required for burn and comparisons to other projects. However, the successful completion of the burn program may act as a potential bullish element to fuel a rise in the price of SHIB, as shown by recent increases in its price.

Source: https://bitcoinist.com/shiba-inu-october-burn-rate/