The End Of An Era? Shiba Inu Burns Slow To A Crawl As Investors Lose Interest
Shiba Inu’s burn initiative has slowed sharply in the current bear market. Daily burns have fallen to roughly $10 worth of SHIB on average over the past week, with only about $100 burned in seven days and less than $1,000 over 30 days. That amounts to roughly 20 million SHIB burned weekly and 144 million monthly, which is tiny compared with the token’s enormous supply. SHIB’s total supply is a little over 589 trillion tokens, and about 410.8 trillion were burned earlier, largely from Vitalik Buterin’s initial burn. Even with those burns, around 585.56 trillion tokens remain in circulation, so the recent burn activity has had little practical impact. Holder participation has also weakened, with only a few burn transactions per day now versus dozens or hundreds before. Price performance remains weak too, with SHIB still down about 93% from its 2021 peak, though it remains the third-largest meme coin by market cap at about $3.1 billion.
