Shiba Inu Burn Rate Plummets, Are Traders Losing Interest In SHIB?

While Shiba Inu (SHIB) has been in an uptrend over the past weeks, other aspects of the token seem to be in a decline. According to data from Shibburn, a tracker for burned SHIB, the burn rate of SHIB has declined significantly in the past 24 hours.

Shiba Inu is the second-largest meme token in the global crypto market, and the token has since been one of the most hyped cryptos in the industry, having a large fanbase of over 3.6 million followers on Twitter.

Shiba Inu (SHIB) Burn Rate Declines

In the last 24 hours, the SHIB burn rate has declined 99.13% falling from more than 20 million SHIB tokens burned a day before to 205,000 since yesterday. Overall, the burn rate has performed poorly against the price of SHIB.

Since the beginning of the year, SHIB has rallied over 60% crossing the $8 billion market capitalization once again and ranking 13th in the largest crypto by market cap. The token has recorded monthly highs along with the SHIB army’s anticipation of the upcoming catalyst, the Shibarium Blockchain.

Until now, the SHIB burn rate has maintained a meaningful streak of the number of SHIB burned with the day-to-day SHIB tokens burned, recording nothing less than one million burned daily since the start of 2023. The latest plummet in burn rate has begged speculation from the crypto community on if traders are beginning to lose interest in the meme coin.

Related Reading: Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens

Meanwhile, some have suggested that the decline in SHIB burn rate could be a result of short-term traders gradually losing enthusiasm for SHIB and moving on to the next most hyped thing like AI tokens.

In order not to lose all hope, most of the SHIB army in the community has preached that the launch of Shibarium could be just enough catalyst to attract another round of traders into buying the token and in contrast, revive the decline in burn rate.

Notably, the total burned SHIB still stands at a high of 410 trillion with a circulating supply of 572 trillion. Currently, SHIB is in a downtrend, down by 3.9% in the last 24 hours and with a trading volume of $559 million over the same period.

Shiba Inu’s Shibarium Beta Launch Draws Near

So far, there hasn’t been any official specified date on the day Shibarium will launch. However, there have been several hints from multiple sources. Last Friday, the Unification Foundation gave an update on the Shibarium launch.

Unification Foundation noted referring to Shibarium, “although the public beta network is yet to be deployed, that day is rapidly moving ever closer.” 

Other hints for the Shibarium launch have been speculated by the community suggesting the launch date to be February 14, due to a cryptic tweet posted by  Shiba Inu lead developer Shytoshi Kusama, which is now deleted. The tweet read, “Quickly learning to play the flute before putting Shibarium in a heart-shaped box with a bow.”