Shiba Inu Burn Rate Plummets in July: What It Means for SHIB

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• Shiba Inu’s monthly burn rate dropped 58.57% in July, indicating a decline in interest.
• Despite a significant 24-hour burn increase, SHIB’s weekly burn rate fell by 89.99%.

Shibburn’s data shows that 379,473,801 SHIB tokens were burned in July, with 178 transactions. Although this figure may appear impressive, the monthly burn rate for Shiba Inu tokens has fallen by 58.57% compared to the prior month, June.

A Mixed Start to August for Shiba Inu Burn Rates 

Interestingly, as August begins, a total of 8,560,795 SHIB tokens have already been burned, signifying a 396.78% rise over the last 24 hours. However, during the course of seven days, the token’s burn rate dropped by 89.99%.

HOURLY SHIB UPDATE$SHIB Price: $0.00001577 (1hr -0.43% ▼ | 24hr -3.84% ▼ )
Market Cap: $9,290,270,252 (-3.79% ▼)
Total Supply: 589,272,212,798,225

TOKENS BURNT
Past 24Hrs: 8,560,795 (396.78% ▲)
Past 7 Days: 18,754,685 (-89.99% ▼)

— Shibburn (@shibburn) August 1, 2024

But Shibburn did not record any burn activity in the last 24 hours at the end of July, as we previously noted, despite the token’s price attempting to recover more than 1%. Overall, these percentages are significantly lower than previous estimates, demonstrating a drop in interest in this famous meme token.

Meanwhile, SHIB is currently trading at about $0,00001585, down 3.30% over the last 24 hours. Despite the drop in burn rate, daily trade volume has increased by more than 34%, hitting $230.67 million.

Despite the fact that the burn rate data is not particularly outstanding, Shiba Inu remains committed to the development of its ecosystem. As we previously reported, Shiba Inu intends to develop a new layer-3 blockchain with cutting-edge encryption technologies.

This new layer will feature the future token TREAT, which is expected to play an important role inside it. Notably, this development comes after Shiba Inu secured a $12 million investment in April for its new layer-3 network.