The Shiba Inu burning initiative has been around for many years and was created to assist reduce the mass supply of meme coins. Initially, this initiative generated a lot of interest, with investors burning thousands of dollars worth of SHIB every day removing billions in SHIB out of circulation. However, as the market entered another bear market, the Shiba Inu suffered and the burning initiative came to a near halt.

The value of Shiba Inu burns has dropped to just a few hundred dollars

As shown on Shibburn websitewhich is the official tool for tracking the amount of SHIB tokens burned per day, the SHIB burn rate has dropped dramatically. The site shows that an average of around $10 worth of tokens has been burned every day over the past week, meaning only a tiny amount is being withdrawn from circulation.

Seven days of data shows that just over $100 worth of tokens were burned, meaning that at current prices, only about 20 million SHIB tokens were withdrawn from circulation. The 30-day data also shows how much the burn rate has slowed, with less than $1,000 worth of tokens, or approximately 144 million SHIB, burned in one month.

While symbolic numbers reaching into the millions may seem impressive, this is just a drop in the ocean of the total supply of SHIB. Official channels show a total supply of just over 589 trillion tokens. Of this, 410.8 trillion tokens were burned courtesy of Ethereum founder Vitalik Buterin, kicking off the first recorded SHIB burn with 410 trillion tokens sent to the burn wallet.

Taking into account the total amount of tokens burned, there are currently 585.56 trillion tokens in circulation. This means that the 144 million burned over 30 days is almost negligible relative to the total supply in circulation. As a result, they probably won’t be there significant reduction for SHIB deliveries in the near future.

The holder participation figures reflect how much the SHIB burning initiative has fallen out of favor. The Shibburn website shows an average of 3-5 combustion transactions recorded per day compared to the dozens or hundreds of transactions that were recorded at the beginning of the combustion.

When it comes to Shiba Inu price, the meme coin is still struggling. It is down 93% from all-time highs in 2021, according to CoinMarketcap. Nevertheless, a market capitalization of $3.1 billion makes it a company third largest meme coin in the market, sitting behind Dogecoin and MemeCore.

Featured image from Dall.E, chart from TradingView.com