- Shiba Inu burn rate drops 87%, but SHIB army persists.
- Despite price decline, SHIB community continues token burns for supply reduction.
- SHIB price struggles, but the burn effort shows unwavering commitment.
The Shiba Inu community is facing a significant setback as the burn rate of the popular meme coin takes a dramatic dive. According to the data from Shibburn, the burn rate has decreased by a staggering 87.11% in the last week, and this has caused concern in the ecosystem.
The SHIB army, however, has not been deterred in its quest to decrease the supply in circulation. Throughout this time, the community was able to burn a total of 2,741,316 SHIB tokens, which indicated that they were still dedicated to the cause.
The slowing down of the burn activity does not stop there. The daily burn rate has also decreased by 57.88%, and only 69,420 SHIB tokens were moved to unspendable wallets.
Although the total circulating supply of Shiba Inu has been 589,247,706,325 SHIBs, the attempt to withdraw 410,752,292,363,094 SHIB tokens out of circulation is still ongoing, demonstrating the community’s active involvement in its supply reduction effort.
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Market Struggles and the Ongoing Commitment
As Shiba Inu continues to grapple with market challenges, the token’s price has also been under pressure. SHIB dropped below the $0.00001381 mark to $0.00001309 after falling more than 6% on Monday.
The negative growth trend was sustained as SHIB declined by 10.48%Â on Saturday, to $0.00001463. These decreases have been as larger cryptocurrencies such as Ethereum and Solana have been soaring to new heights, while other smaller altcoins such as Shiba Inu can hardly follow.
This notwithstanding, the SHIB army is committed to the long-term vision of the project. While the decline in burn rates and price can be disappointing to others, the general progress of the community to decrease the supply on the market can be regarded as evidence of their faith in the future of Shiba Inu.
The situation in the market might not be optimal, but this dedication of the SHIB community will result in more optimal conditions in the future.
During difficult periods, the SHIB army’s commitment to achieving its ambitions never fails to give reason to believe that Shiba Inu can recover. Although the road ahead may be challenging, the effort to burn tokens and reduce supply continues, keeping the dream alive for a potential surge in SHIB’s value.
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