Amid the ongoing crypto market bloodbath, the Shiba Inu (SHIB) community has continued its token burn strategy, with the team revealing the latest burn activity involving 15,239,220.91 SHIB being removed from circulation.
Following this latest burn, a total of 819,034,689 SHIB has now been sent to dead or unspendable wallets, where they can never be retrieved.
SHIB burns decline 60.65%, TVL stagnant
While data from the Shibburn website shows that a total of 37,643,409 SHIB has been burned over the past day, the SHIB burn rate has surprisingly declined by 60.65%.
The drop in SHIB’s burn rate comes as a surprise, as a report yesterday disclosed a massive 12,278% spike in the burn rate following the removal of over 110 million SHIB the previous day.
While the slowdown in SHIB burns has been accompanied by a notable 3% dip in the coin’s price, there is speculation that the SHIB team may have eased its burn strategy as investor sentiment turns bearish.
According to the data, the largest token transfer to an unspendable wallet in a single transaction happened about eight hours ago, involving 15,239,220 SHIB. Meanwhile, two other large transfers of 10 million SHIB each occurred an hour earlier.
Following the bearish market trend, on-chain data from DefiLlama shows that Shibarium’s total value locked (TVL) has remained stagnant over the past day, signaling decreased investor confidence.
While the price of SHIB has yet to respond to ongoing burns and ecosystem developments by the SHIB team, investors remain optimistic about the long-term impact of these strategies on the token’s performance.
