SHIB Investors Sizzle Over Shibburn’s 37% Drop in Monthly Burn

Despite fetching 8% in monthly terms, Shiba Inu sees lethargic burn action, leaving the SHIB Army infuriated on X.

Shiba Inu in defensive pose as a huge male face looking at him very angry surrounded by lightning.
Created by Gabor Kovacs from DailyCoin
  • Shibburn official burn tracker counts 1.4B tokens burned in October.
  • In spite of the 753 burning  transactions, the burn count dropped 37%.
  • SHIB Token devs responded to the enraged SHIB Army on Twitter (X).

The official canine coin Shiba Inu (SHIB) burn tracker Shibburn is at the hot seat on X, previously known as Twitter, after the calculated SHIB burns throughout October enraged fans of the currency. Indeed, the 1.4 billion $SHIB set ablaze by the SHIB Army in October is far less than the 2,323,834,085 (2.32 billion) threshold set in September 2023, achieved in just 426 transactions.

After the monthly message, multiple crypto enthusiasts weighed in on the decreased SHIB burn count. For instance, crypto enthusiast Brian DoerFlinger remarked: “We need that many burned every day and then we may see value in 300 years”

Another crypto investor concluded: “Thanks for whoever is willing to burn SHIB. At the same time, I feel sad for those who burn their money but with no price movement. Keep watching lol”.

On top of that, many SHIB community members threatened to leave if the slow Shiba Inu (SHIB) burning trend persists.

SHIB Devs Propose How To Raise SHIB Burns

Shiba Inu developer team leader Shytoshi Kusama took to Telegram to address the latest $SHIB burn concerns. He stated: “Burns will only come through utility. The expectation is magic burns”. But without real use there is no burns”. Further on, Shy Kusama referred to the current focus being on Shiba Name Service (SNS), the inaugural part of the SHIBDentity decentralized digital identity concept.

Notably, SHIB Token’s lead dev Shytoshi Kusama is referring to the slowed down action on Shibarium. The Layer-2 scaling solution has seen success in over 3.77 million transactions, 1.25 million on-chain crypto wallet addresses, and a once solid total value locked (TVL) of $1.44M.

However, the TVL slumped from $1.44 million to $742,847 today, as the developer activity on Shibarium dramatically dropped. MARSWAP is still dominating the DeFi field on Shibarium L2 mainnet, but the official gas fee token Bone ShibaSwap (BONE) is getting dragged through the mud by the crypto bears with a steep decline of 8% in the last 7 days.

Currently residing at #192, Shiba Inu’s $BONE is close to retesting the half-year bottom support last seen on June 13th. At press time, $BONE is priced at $0.708295, according to CoinGecko.

On The Flipside

  • Some traders complained about the insignificant Shiba Inu burning numbers in comparison to rival memecoin PEPE’s recent massive burns.
  • Frog-themed Pepe (PEPE) developers surprised the cryptosphere by sending 6.9T $PEPE, equaling $6M to the bottomless pit, causing an instantaneous 51% bull run.

Why This Matters

Cryptocurrency burning is a powerful way to maintain the cryptocurrency’s long-term value.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.