According to records from Shibburn, it appears that Shiba Inu‘s burn rate for the month of October saw a significant decline in the total number of Shiba Inu tokens that were destroyed in comparison to the total number that was destroyed in September.
Shiba Inu’s Burn Rate Fell Significantly
Shibburn has revealed that the Shiba Inu community burnt approximately 1,461,135,923 (1.46 billion) SHIB tokens from circulation in October. The record was revealed on October 28, when a whopping 250 million SHIB were sent to an address that was deemed inaccessible.
The 1,461,135,923 (1.46 billion) SHIB tokens that were destroyed by the Shiba Inu community were carried out in 753 distinct transactions.
The post read:
1,461,135,923 $SHIB tokens have been burned in October with 753 transactions.
However, it may seem the number of SHIB tokens eradicated in the previous month is huge, but it indicates a decrease of 37.12% in its burn rate performance compared to September.
The platform’s burn rate might indicate a decline in community engagement in the SHIB burn. In September, its marketing specialist Lucie once told the community in September that SHIB burns are a collective effort from both the community and devs since it is based on transaction activity and real engagement from within the platform.
According to the monthly burn records, the total number of SHIB tokens burnt in September was approximately 2,323,834,085 (2.32 billion) SHIB tokens. This whopping number of SHIB tokens burnt was carried out in 426 discrete transactions.
Community Reactions On SHIB Burn Rate
So far, the crypto community has not been impressed by Shiba Inu’s burn rate performance for a while now. Some users have expressed their displeasure and disappointment with the burn rate.
In response to the October monthly burn rate post, a certain X (formerly Twitter) user expressed his disappointment in the platform’s current burn rate speed. According to the user, it will take approximately 100 years to burn 1,462,000,000,000 (1.4 trillion) SHIB tokens, whereas the current circulating supply of SHIB is 589,000,000,000,000 (589 trillion).
Related Reading: Shiba Inu Team Member Explains The Importance Of These Latest SHIB Updates
He further added that SHIB holders are likely not to survive to see the price and laugh about it in the future.
“At this speed, you can burn 1,462,000,000,000 in 100 years, but the number of coins is 589,000,000,000,000. In the future, the holder probably won’t live to see the price and laugh,” the user stated.
Another user also pointed at the platform’s hesitation to make a move, due to PEPE destroying over 4 trillion tokens in just one day, while Shiba Inu is destroying 1.4 billion in a month.
Nonetheless, the program’s successful completion is thought to be a bullish element that could fuel a rise in the price of SHIB. According to CoinGecko, SHIB has increased by about 5% over the past seven days and 12% over the past two weeks.
Featured image from CryptoGlobe, chart from Tradingview.com