Shiba inu token burn rate plunges despite bullish development sentiments

Shiba Inu token supply saw less burn rate over the past 24 hours, despite Shibarium blockchain seeing an inflow of huge numbers of testers on the beta test network.

Shiba Inu token (SHIB) is the second highest popular meme token in the crypto sector, just after Dogecoin. Shiba is only a token on the Ethereum network & fundamentally there is no use case for this token. But over the last couple of years, the popularity of this token forced the Shiba Inu Project team to push high-level development works to push the adoption of the Shiba Inu token. 

The current circulating supply for this token is 589,353,544,428,282.4 SHIB. So far 20 billion shib tokens have been burned by the Shiba Inu community. 6.7 billion shib token was alone burned by the Ethereum Co-founder Vitalik Buterin in mid of 2021. 

Recent data noted that a 23.6% decline in the burn rate within the past 24 hours. 

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The second negative point, that we can see on the shibburn, is 14 trillion SHIB tokens were currently staked out of the circulating supply of over 574 trillion. These types of data are showing that Shiba inu token continuously lose popularity in the crypto world.

The current trade price of the Shiba inu token is 2.77% high than the last 24 hours’ trade price, while 18% down over the last 12 months of trade price. 

Shibarium blockchain

Recently the shiba inu project team announced the launch of the Shibarium beta testnet blockchain. 

Shibarium is a layer-2 scaling blockchain network & over the last 30 days more than 10 million transactions occurred, obviously those were testers. 

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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