He Shiba Inu burn Tracking website Shibburn recently revealed how many SHIB tokens were burned in September. He burn rate It witnessed an impressive increase compared to the number of tokens burned the previous month.
Shiba Inu Burn Rate Increases in September
shibburn revealed in an X post that nearly 2.4 billion Shiba Inu tokens ($42,069) were burned in September with 131 transactions. This represents a 249% increase in the monthly burn rate, as 680 million SHIB tokens burned in August. This is a positive development for the Shiba Inu ecosystem, considering the impact that token burning could have on the SHIB price in the long term.
The increase in the monthly burning rate of Shiba Inu in September is believed to be due to the awesome career who had the meme coin last month. This boosted investor confidence in accumulating the meme coin throughout September.
The accumulation tendency Shiba Inu Whales Ultimately, it led to more SHIB tokens being burned, as some transaction fees are reserved for buybacks and burns. Interestingly, the SHIB ecosystem was able to manage this consumption rate milestone despite Daily Shibarium Transactions Remaining stable throughout September.
Meanwhile, it remains to be seen whether Shiba Inu’s October burn rate could surpass September’s feat. This month’s consumption rate is not off to a good start. Shibburn data shows the flaring rate has fallen more than 93% in the last seven days. He Shiba Inu Burn Rate Has Also Stagnated in the last 24 hours, with 572,837 SHIB tokens burned during this period, representing a drop of 78%.
The drop in SHIB burn rate is likely due to the current bearish sentiment in the broader crypto market. The ‘Uptober’ rally has not gone as planned so far, making investors wary of accumulating more tokens, including SHIB. However, a widespread price recovery could ultimately lead to an increase in Shiba Inu transactions and burn rate.
On-chain metrics also paint a bearish picture
Shiba Inu Chain Metrics They also paint a bearish outlook for the meme coin. Data from market intelligence platform IntoTheBlock shows that there has been a decrease in the number of Shiba Inu Holders rich. This is important as a significant drop in the price of the meme coin could trigger a wave of sell-offs, leading to further downward pressure.
The concentration metric is also bearish, indicating that Shiba Inu Whales They are currently unloading their holdings instead of accumulating more tokens. SHIB’s net network growth has also remained stagnant, and the number of new daily addresses remains within the same range.
Amid these bearish on-chain metrics, it is worth mentioning that Shibarium recently accomplished a notable feat: the Total Network Value Locked (TVL) exceeded 7 million dollars.
At the time of writing, Shiba Inu is trading at around $0.000016, up more than 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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