parag jadhav
Shiba Inu's burn rate has fallen to 1 million SHIB per day, and the trend indicates further decline in the near future.
Despite bullishness among the memecoins, the overall bearishness in the markets has impacted the number of transactions that, in turn, has impacted the burn rate.
Shiba Inu’s large 588 trillion token supply makes it difficult for crypto to achieve high prices. Therefore, it is necessary to burn tokens to reduce the market supply.
Shiba Inu has made notable token burns in the past, with some reaching up to hundreds of millions of SHIB.
As long as the overall market remains sluggish, no recovery can be expected in Shiba Inu’s burn rate.