Shiba Inu Community Continues to Burn Meme Coins, Despite Plummeting Burn Rate
The Shiba Inu (SHIB) community remains committed to removing meme coins from circulation, with a recent update from the Shibburn tracking platform revealing that 8,738,201 SHIB have been burned in the last 24 hours. This effort has been ongoing, with a total of 102,867,453 SHIB sent to dead-end wallets over the past seven days, representing a 164.53% increase in the weekly burn rate.
SHIB Burn Rate Plunges, Despite Weekly Gains
However, the daily burn rate has taken a hit, plummeting by over 72% and putting the burn rate deep in the red zone. This decline mirrors the recent SHIB market behavior, which has seen the second-largest meme-inspired cryptocurrency enter the red zone on charts. The SHIB price has plummeted by 3.35%, with a total consecutive decline of 13% this week.
SHIB Lead Developer Responds to Former Binance CEO CZ
In a recent X post, Shytoshi Kusama, the mysterious SHIB lead developer, responded to Changpeng Zhao (CZ), co-founder and former Binance boss. CZ emphasized the importance of building what the community needs, rather than what developers think they need. Kusama countered that it’s more important to “build what people need before they know they need it.” He believes that people’s current needs may change, and adoption naturally comes as the narrative shifts towards what teams have built already.
Conclusion
The Shiba Inu community continues to actively burn meme coins, despite a recent decline in the daily burn rate. The weekly burn rate remains strong, with a significant increase in SHIB sent to dead-end wallets. The SHIB price has taken a hit, but the community remains committed to their efforts. The exchange between Kusama and CZ highlights the importance of understanding community needs and building for the future. As the SHIB ecosystem continues to evolve, it will be interesting to see how these efforts impact the cryptocurrency’s adoption and growth.
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