u.today
Amid the ongoing crypto market bloodbath, the Shiba Inu ($SHIB) community has continued its token burn strategy, with the team revealing the latest burn activity involving 15,239,220.91 $SHIB being removed from circulation.
Following this latest burn, a total of 819,034,689 $SHIB has now been sent to dead or unspendable wallets, where they can never be retrieved.
$SHIB burns decline 60.65%, TVL stagnant
While data from the Shibburn website shows that a total of 37,643,409 $SHIB has been burned over the past day, the $SHIB burn rate has surprisingly declined by 60.65%.
The drop in $SHIB’s burn rate comes as a surprise, as a report yesterday disclosed a massive 12,278% spike in the burn rate following the removal of over 110 million $SHIB the previous day.
While the slowdown in $SHIB burns has been accompanied by a notable 3% dip in the coin’s price, there is speculation that the $SHIB team may have eased its burn strategy as investor sentiment turns bearish.
According to the data, the largest token transfer to an unspendable wallet in a single transaction happened about eight hours ago, involving 15,239,220 $SHIB. Meanwhile, two other large transfers of 10 million $SHIB each occurred an hour earlier.
Following the bearish market trend, on-chain data from DefiLlama shows that Shibarium’s total value locked (TVL) has remained stagnant over the past day, signaling decreased investor confidence.
While the price of $SHIB has yet to respond to ongoing burns and ecosystem developments by the $SHIB team, investors remain optimistic about the long-term impact of these strategies on the token’s performance.