The shiba inu (SHIB) burn campaign, a community-driven initiative to reduce the circulating supply of the meme-inspired cryptocurrency, is experiencing a persistent decline in token burns. According to Shibburn, a dedicated shiba inu burn-tracking resource, the burn rate has plummeted by 63% over the past week, marking the fourth consecutive week of decline.
Decline in Burn Rate Despite the Buzz Surrounding Shibarium
Despite occasional surges in daily burns and the buzz surrounding Shibarium, the shiba inu ecosystem layer-2 network, the burn rate has continued to decline throughout this month. The beta phase of Shibarium was launched on March 11, but it has done little to expedite token burns.
Shibarium Expected to Support Burn Initiative
The shiba inu community expects Shibarium to provide support for the burn initiative once it is fully deployed on the mainnet. The recently-released Shibarium documentation notes that the network will burn SHIB with 70% of the base fee for every transaction.
SHIB Price Action Amid Declining Burn Rate
As the burn rate declines, SHIB is registering modest losses in the recent market-wide turbulence. The asset is currently down 2.5% in the past week, trading for $0.000011 at the time of reporting. The asset reacted poorly to allegations that surfaced two weeks back, claiming that Shibarium developers copied the code of the Rinia testnet.
Conclusion
The shiba inu burn campaign continues to experience persistent declines in token burns, despite the buzz surrounding Shibarium. The community expects Shibarium to support the burn initiative once it is fully deployed on the mainnet. SHIB is currently registering modest losses amid declining burn rates and market turbulence.
