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SHIB Burning Extremely Different Since Start of Fall: Details

Tue, 10/18/2022 - 09:38
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Gamza Khanzadaev
SHIB burn stats have changed a lot since beginning of September, here's detailed review
SHIB Burning Extremely Different Since Start of Fall: Details
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According to crypto analytics portal CryptEye, the SHIB burn rate has slowed since the beginning of fall compared to the summer season. So while about 12 billion SHIBs were burned in the three months of the summer, averaging four billion tokens burned per month, only 2.36 billion SHIB were sent to "dead" addresses in the past month and a half. Thus, the possible reduction in SHIB's burn rate since the beginning of fall (early September) is 60.6%.

What's interesting is that as the rate of SHIB burning decreased, so did the price of the Shiba Inu token. Thus, SHIB is down 15.5% since the beginning of September. It seems that as the price of the cryptocurrency decreases, more can be burned for less, but it had no effect nonetheless.

All in all, the overall picture of SHIB burning is slowly transforming. So far, 41.038% of the Shiba Inu offering has been burned — equivalent to 410.38 trillion tokens. There is still 58,96% of Shiba Inu's circulating supply, which at the current price of $0,0000103 brings the capitalization of the project to $5.68 billion.

More about Shiba Inu burning

At the moment, Shiba Inu is being burned by sending certain tokens to four "dead" addresses, but according to statements by those involved in the development of the project, the process should soon take a new turn.

Shiba Inu Developer Shares New Details About Burning SHIB with Profits from Game

Thus, SHIB is expected to be burned through the recently released Shiba Eternity game, as well as through the long-awaited Layer 2 protocol, Shibarium. Details, however, have not yet been revealed.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.