According to data from Shiba Inu burn tracking website Shibburn, there has been a 99.25% decline in the burn rate over the last day. The data shows that there have been only 2.89 million tokens burned in the 24-hour period. This is in stark contrast to the prior day which saw more than 380 million tokens incinerated.

There have only been five burn transactions recorded at this time, with the largest single burn being a wallet sending 2,055,498 SHIB tokens to the burn address. This made up around 70% of the total burned tokens for the time period.

This decrease in the burn rate suggests a slowdown in community interest, especially as the SHIB price begins to recede after a massive rally. It suggests an unwillingness to part with coins as investors continue to expect high prices for the meme coin.

On the weekly timeframe, the Shiba Inu burn is doing quite well. Shibburn’s update shows a 2,998% increase in seven days, with more than 14.5 million SHIB tokens burned. This suggests that investors are more willing to burn coins when the market is more bullish.

Since its launch in 2023, the network has processed 408 million transactions and counting, with more than 3.65 million blocks created so far. However, the network seems to have a problem when it comes to retaining builders, as the number of verified contracts sits low.