Shiba Inu’s burn tracker has sparked confusion after registering a 0% burn rate even as over 23 million SHIB tokens were removed from circulation on July 1. Data from the Shibburn platform confirmed that 23,767,887 SHIB were sent to dead wallets in seven separate transactions, yet the displayed burn rate remained flat.
The difference arose on late Tuesday when the price of SHIB fell by 3.56%, which is just another cause for concern among investors. Interestingly, the two most significant transfers regarding burns were 100,000 and 5,654,684 SHIB, whereas the rest would include smaller ones, beginning with two transfers of 5 SHIB each.
As Shibburn stated, the 0% burn rate was not marked in red but green color, implying that the platform had a neutral or no negative trend. Such a reading is not new, but it is difficult to tell why large volumes of burn were not captured in the real-time metric.
Source: www.shibburn.com
Also Read: Ripple’s RLUSD Gets Major Boost as OpenPayd Unlocks Instant EUR, GBP Access
SHIB Burn Data Sparks Doubts as System Glitches Cloud Token Destruction Metrics
Several users in the SHIB community have questioned whether the platform experienced a temporary data glitch. Shibburn has a history of reporting flat burn rates even when token movements suggest otherwise. These inconsistencies have occasionally been linked to backend delays or system bugs.
In the meantime, the decreasing price of SHIB has stirred up interest in the coin’s deflationary mechanism. The SHIB burn plan has been largely construed as a means to cut down supplies in circulation and even increase the value. In circumstances where the burn rate stalls even as the destroy rate burns holes through millions of tokens, the confidence in the system’s workings will most probably be adversely affected.
More on-chain data also verified that the seven burn transactions were all successful and directed to unspendable wallets. However, unless the change is accompanied by an equal reaction in the burn rate aspect, investors are not certain to what extent the numbers correlate to the present token activity.
While SHIB’s burn address received nearly 24 million tokens in a single day, the Shibburn platform’s 0% reading has left many puzzled. As the discrepancy persists, it raises fresh concerns about transparency and the tracking system behind Shiba Inu’s deflationary approach.
Also Read: Ripple Moves 1.4B XRP in 1 Hour as Mystery Wallets Send 500M Tokens Back