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UPDATE: the burn rate figures for Sept. 21 jumped as high as 547% hours later with up to 1,746,465 SHIB burnt.
To those watching crucial Shiba Inu (SHIB) performance trends, it will immediately become obvious that at least some tokens are always involved in key performance metrics. The twist is what is now obvious, as the burn rate has shown a neutral shift in the trailing 24-hour period.
Shiba Inu burn rate milestone
According to data from Shibburn, 0 Shiba Inu were burnt, implying an unusually bearish low for this metric. It remains uncertain how this happened, considering the extremely low price of SHIB, which could have encouraged some torching as is usually the case.
Godfrey BenjaminWith the 0 reading, the total SHIB burned from the total supply remains at 410,728,808,987,659 tokens, leaving a total circulating supply of 583,491,742,524,222 SHIB.
Over the past day, the twist recorded in the Shiba Inu ecosystem has spelled a major distress call regarding the ShibTorch portal launched a few weeks ago. The portal was designed to remove some SHIB from circulation automatically. This ShibTorch replaced the manual system where community members must send the token designated for burning to a standard burn wallet.
With the current outlook, there is good ground to say ShibTorch is not functioning as projected. Another projection is that transactions on the network are dwindling, leading to the burn of the relatively lower tokens.
Getting back groove
As a meme coin project, Shiba Inu is under intense pressure as competition in the ecosystem has grown stiff. While still the second largest meme coin in this niche, the need to continually innovate has kept its top developers, including Shytoshi Kusama, on their toes.
Thus far, SHIB is trying to reinvent the wheels through Shibarium, its Layer-2 scaling solution. From hard fork to DAO governance, this protocol is positioned to assume a major part of the future decentralized finance (DeFi) ecosystem.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team