On September 16, major Memocoin Island faced a major setback in its deflationary metrics, according to fresh on-chain data shared by the well-known blockchain tracking platform Shivburn.
Data provided by the tracker shows that Shiv’s burn rate moves in an unusual direction, showing a sharp decline of 57.88% over the past 24 hours. Data related to the SHIB community shows that only 69,420 Shib tokens were burned on the last day.
It is important to note that Shib Burns is a regular measure taken by SHIB teams to permanently remove certain amounts of SHIB from the circulation.
This is done by sending siv tokens to dead or inaccessible wallets, but is a critical action taken to consistently reduce the circular supply of assets, thereby promoting a lack of tokens.
Shiv is stable at $0.00001308
The negative trend in Shiv’s deflation metrics occurs amid a rebound in the wide range of crypto markets. There, the prices of major cryptocurrencies are moving on an upward orbit. However, Shiv’s prices have shown a decent surge of 1.48% on the last day, sparking debate among the crypto community.
While other cryptocurrencies show a noticeable increase in daily profits, investors are worried that a negative trend in Shiba inu burn metrics may have caused a slower to potential rise in tokens.
Further data shared by the tracker shows that the key metric reduction is even more pronounced on the seven-day chart. In particular, in tokens, only 2,741,316 Shivs sent from Cycle last week showed a 87.11% decline.
It appears that this data introduces a slower burn activity over time, leading to a significant reduction in asset demand during that period. Therefore, the overall shiv token has been removed from the 4.5 trillion total circulation stand, indicating the difference in all shiv supply and shiv circulation volume.
Following the resistance to Shiv’s price transfer during the period, the assets were steadily trading at $0.00001320, and were found to reflect a 1.48% increase over the past 24 hours.
A short price adjustment of the asset prices has been followed following the decline in Shib’s burn activity, but investors have expressed concern about the sustainability of the ongoing Shib rally amid a decline in burn metrics.