Even though Shiba Inu ended last year with extremely low network activity, like any other network activity there is no reason to be concerned, the meme currency burn rate has dropped to an extreme level of 25 million SHIB per day. Fortunately, we are seeing a recovery trend.
According to Shibburn, in the past 24 hours, over 90 million Shiba Inu tokens have been burned by various addresses, which is an increase of 35%. With the recovery of cryptocurrency market activity, we should see a gradual increase in the number of tokens destroyed.
Thirteen hours ago, an anonymous address burned 76 million SHIB tokens, making it the largest burnt amount of meme assets in the last 24 hours. Unfortunately, for the burn operation to have a noticeable effect on the market, Shiba Inu investors would need to burn around a billion tokens.
The lack of combustion volume is explained by the almost non-existent use of the Shiba Inu network. Traders who accept SHIB tend to burn large amounts when they manage to get a decent trade volume, which doesn’t happen often given the declining popularity of meme currency and crypto payments in general.
However, the lack of market traction we see today is temporary, and Shiba Inu burn volume may recover, with the general return of inflows to the industry and the popularization of cryptocurrencies as methods. of payment.
For example, Shiba Inu’s trading volume remained at around $32 billion while the token traded on the ATH. Throughout 2022, it has gone down to just $5 billion, which explains the drastic drop in trading volume. The correlation between the two metrics is obvious.