Shiba Inu burn rate falls 63% in a week as downward slope endures

The shiba inu (SHIB) burn campaign continues to wane as the burn rate has plummeted by 63% over the past week. This marks the fourth consecutive week of persistent declines in token burns amid a downward slope that has endured despite the buzz surrounding Shibarium.

According to a recent tweet from Shibburn, a dedicated shiba inu burn-tracking resource, the community has incinerated up to 856 million SHIB, currently valued at $9,000, in the past week. This figure marks a 63.42% decline from the amount of tokens burnt two weeks ago.

Moreover, as of March 20, the weekly burn rate amounted to 1.49 billion shiba inu tokens, comparatively higher than the latest figure. Nonetheless, this amount also marked a 69.26% drop from the tokens incinerated in the preceding week. 

These persistent declines have been dominant throughout this month despite occasional surges in daily burns and the budding excitement surrounding Shibarium, the shiba inu ecosystem layer-2 network. The network’s developers launched the beta phase on March 11, but this has done little to expedite token burns.

The shiba inu community expects Shibarium to provide support for the burn initiative once it is fully deployed on the mainnet. Notably, the recently-released Shibarium documentation notes that the network will burn SHIB with 70% of the base fee for every transaction.

Shiba Inu’s price action

Amid these declines in burn rate, SHIB is registering modest losses in the recent market-wide turbulence. The asset is currently down 2.5% in the past week, currently trading for $0.000011 at the time of reporting.

The asset reacted terribly to allegations that surfaced two weeks back, claiming that Shibarium developers copied the code of the Rinia testnet.