Shiba Inu (SHIB) Burn Goes Bizarre, What's Happening? (2024)

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In the last 24 hours, a rather unusual occurrence has been seen in Shiba Inu (SHIB) burns. In recent times, the Shiba Inu burn rate has been on an unsteady and erratic trajectory, sometimes skyrocketing to millions of percent and sometimes tumbling to the lowest levels.

In these two scenarios, either the amount of SHIB burned was higher or vice versa. In either case, there was always a certain amount of SHIB burned.

Things took a strange turn on May 12, as a peek on the Shibburn website indicated a SHIB burn rate of -100%. Meanwhile, there were zero tokens burned.

Not ruling out the possibility of a glitch on the Shibburn website, a glance through the Shibburn Twitter feed reveals zero tokens being burned in the last 24 hours.

A total of 315 SHIB were burned in the last hour, but this was yet to be reflected in the most recent statistics available at press time.

HOURLY SHIB UPDATE$SHIB Price: $0.00000866 (1hr -0.19% ▼ | 24hr -2.79% ▼ )
Market Cap: $5,106,234,648 (-2.69% ▼)
Total Supply: 589,361,038,832,734

TOKENS BURNT
Past 24Hrs: 0 (-100% ▼)
Past 7 Days: 1,732,031,673 (-69.68% ▼)

— Shibburn (@shibburn) May 12, 2023

Per the SHIB burn hourly update on Twitter, zero tokens were burned in the last 24 hours, which leaves the daily burn rate at -100%.

However, 1.7 billion (1,732,031,673) SHIB were burned so far in the last seven days, with a drop of 69% in the weekly burn rate.

"Burning" removes tokens from circulation, which is theoretically expected to increase demand and, in the long run, boost market prices.

Shiba Inu relinquishing meme coin status

The rather strange turn in SHIB burning might suggest that Shiba Inu is gradually relinquishing its status of meme coin.

Meme coins, often inspired by online fads or memes, continue to draw investors due to their potential for quick gains and the thrill of their volatile nature.

Burning remains a favorite topic in the Shiba Inu community, which wishes for burns to soar to trillions. However, it seems that attention is now shifting to the network fundamentals as SHIB's price continues on a steady path.