The Shiba Inu community has been actively participating in reducing the number of tokens in circulation. Many tokens—in trillions—have been destroyed thus far, and the SHIB Army has been the main impetus behind this burning procedure.
Notably, over 3 billion SHIB tokens were transferred to inactive wallets earlier this week in a sizeable amount. Shibburn statistics, however, recently revealed a startling absence of SHIB token burns over the previous 24 hours.
The image above shows that zero SHIB tokens have been burned in the previous few hours. The burn rate has therefore been reduced by 100% as a result. There seems to be a sizable percentage of participants who are not burning their SHIB tokens. Additional funding that small enterprises were able to secure may also be responsible for the absence of burns. On the Shibarium beta platform, a percentage of gas fees will likely be paid. Since March 11th, this has been running under the name Puppynet.
Related Reading: Shiba Inu Security Rating Improved: Now Ranked AAA on CertiK
Recent Developments Within the Shiba Inu Ecosystem
The announcement of the closing of the renowned coffee company known as the Shiba Coffee Company is one of the noteworthy happenings within the Shiba Inu ecosystem. The company will no longer be doing burns, according to this notification.
Shiba Coffee Company, a coffee company renowned for its SHIB-themed packaging and acceptance of SHIB as a form of payment, recently announced on its official Twitter account that it is permanently ceasing operations. The business had been actively taking part in the Shiba Inu token burning.
“Unfortunately, we have had to close permanently. It’s been a wild ride, and we wish everyone in the #SHIBARMY the best. We’ve been operating at a loss for over a year and had to finally pull the plug. Keep on keeping on, y’all.
— Shiba Coffee Company (@ShibaCoffeeCo) May 31, 2023.”
Shiba Inu was trading at $0.000008396 at the time of publication, a 3.48% decline in value from the previous day. The asset’s price movement is consistent with the market’s general mood. In the meantime, 79% of all holders were experiencing losses.
Shiba Inu is down 3.48% in the last 24 hours. Source: CoinMarketcap