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Shiba Inu is making efforts to stay relevant into space yet lagging behind due to the slow pace of SHIB burn.
Shiba Inu tokens had faced significant criticism for their quantity from their very beginning. The Shib Army, the term used for calling out the Shiba Inu community, took the initiative on their own and decided to deal with the matter. Their efforts resulted in burning of SHIB tokens via different means. However the recent data might not seem to showcase the similar picture.
On 31st July, the portal kept watch on burning of SHIB tokens—Shibburn, disclosed the quantity of overall Shiba Inu tokens burnt during the last week. As per the provided data by the portal, approx 1.13 billion tokens were burned in the last seven days.
Reports say that this figure might seem remarkable while looking from the Shiba Inu community’s perspective. Still, in comparison to current circulating volume, the recently burnt tokens account for barely 0.0002%.
Recent data of burning was taken as nothing short of impressive, instead it created a sense of discomfort. Taking the staggering amount of more than 549 trillion SHIB tokens in supply into consideration, if the burning continues this way, it will take millions of years to complete the burning process.
Clearly, this timeframe does not have any practicality anywhere. Highly anticipated dream of SHIB holders to bring Shiba Inu to the moon should not take this much time. Given the anticipation, the current pace is extremely slow to reach there. Vulnerability of the situation can be figured out by this fact only that this is the condition with Shibburn, which is among the most popular ones.
Undoubtedly the Shiba Inu community is making efforts and taking tough measures to stay relevant within the space. From creating Shiberse to launching Shibarium, their efforts are clearly visible. The only thing that keeps them from growing further is their slow speed of SHIB tokens burning. Currently the price of Shiba Inu is trading at around $0.00001218.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
