The Shiba Inu burn initiative has existed for a number of years now, a move that was created to help reduce the massive supply of the meme coin. Initially, this initiative drew a lot of attention, with investors burning thousands of dollars worth of SHIB daily and removing billions in SHIB from the circulating supply. However, as the market has moved into another bear market, Shiba Inu has suffered, and the burn initiative has slowed to almost a stop.
Shiba Inu Burns Drop To Only Hundreds Of Dollars
As shown on the Shibburn website, which is the official tracker for the amount of SHIB tokens burned daily, the SHIB burn rate has dropped drastically. The website shows that over the last week, around an average of $10 worth of tokens have been burned daily, meaning only a tiny amount of tokens are being taken out of circulation.
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The seven-day figures come out to just over $100 worth of tokens burned, which means that only around 20 million SHIB tokens were taken out of circulation, according to current prices. The 30-day figures also show how much the burn rate has slowed, with less than $1,000 worth of tokens burned in one month, or around 144 million SHIB.
While the token figures burned, coming out to the millions, may seem impressive, it is barely a drop in the ocean of what the total SHIB supply is. Official channels show a total supply of just over 589 trillion tokens. Out of this, 410.8 trillion tokens have been burned, courtesy of Ethereum founder Vitalik Buterin, starting the first recorded SHIB burn with 410 trillion tokens sent to the burn wallet.
Taking into account the total amount of burned tokens, it now leaves 585.56 trillion tokens left in circulation. This means that the 144 million burned in the 30-day period is near negligible to the total circulating supply. As a result, there is likely not going to be any significant reduction to the SHIB supply anytime soon.
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Participation figures from holders mirror just how much the SHIB burn initiative has fallen out of favor. The Shibburn website shows an average of 3-5 burn transactions recorded daily compared to the tens to hundreds of transactions that used to be recorded when the burn first began.
As for the Shiba Inu price, the meme coin has continued to struggle. According to CoinMarketcap, it is down 93% from its 2021 all-time highs. Nevertheless, its market cap of $3.1 billion makes it the third-largest meme coin in the market, sitting behind Dogecoin and MemeCore.
Featured image from Dall.E, chart from TradingView.com