Shiba Inu Token Burning Efforts Slow Down Amid Limited Supply Impact
Shiba Inu's token burning efforts have slowed down in recent times, according to data from Bitget. The SHIB daily burn rate decreased by 15.80%, with weekly figures down 28.12% and monthly figures showing a drop of 37.44%. Despite the consistent effort to reduce the available token pool, the pace remains sluggish, resulting in a limited impact on the overall supply.
The total number of SHIB tokens burned over the past seven days stands at 59.77 million, translating to a value of around $251. However, this figure is not substantial enough to make a significant reduction in the circulating supply. Even with a cumulative percentage of SHIB supply burned standing at 41.08%, experts believe the process needs to speed up to have a notable impact.
The Shiba Inu price action has remained relatively subdued, awaiting a clear catalyst for a potential uptrend. At the latest check, SHIB traded at $0.000004164, marking a 1.63% decline in the past 24 hours, but still showing a 0.82% gain for the week.