Shiba Inu (SHIB) Burn Rate Drops to Zero, Raising Concerns Among Investors

The second biggest meme coin, Shiba Inu, has been depending on the SHIB burn mechanism in hopes of increasing its scarcity and providing more stability

Shiba Inu (SHIB) has been relying heavily on the SHIB burn mechanism in hopes of increasing its scarcity and providing more stability in the price. However, despite the introduction of token burning, which has seen trillions of tokens being removed from the total supply, there has been no significant difference in the SHIB price performance.

This has concerned many, especially as the burn rate has dropped to zero today on Shibburn, begging the question of how it will impact the Shiba Inu price.

To add insult to injury, SHIB must perform well on the charts due to rising competition. Newly launched tokens, such as Goatseus Maximus, are quickly attracting investors.

Why Is the SHIB Burn Rate at Zero Today?

Over the past two years, developers have introduced the token-burning mechanism and burnt over 410T tokens. Despite this, the token still has a massive 589.52T in supply, which is hindering its performance.

It is therefore shocking to see the SHIB burn rate at zero today, especially considering that just yesterday, the burn rate spiked by 6,750%. Moreover, over the week, the team has burnt 58,389,212 tokens, which is quite high.

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