With $SHIB so cheap, the burn rate is down 55.5%. Why?

This defies any logic. While the recent dip in Shiba Inu’s price is undeniably bad news for those holding for their own profit, it’s hard not to agree that the same dip is a golden age for token burns.

Let me run you through some basic math.

A few weeks ago, $100 could net you around 4-5 million $SHIB, at the time when the token’s worth was twice its current one. At the time of writing this, the token is sold for $0.00001235. What this should mean is that the same $100 can now burn twice the quantity of tokens!

Now’s literally the time to double down on burns! Except, it’s not what is happening…

According to the data pulled off of Shibburn.com, the burn rate dropped ~55%, with only just over 100 million tokens destroyed in the past 24 hours.

It could be indicative of several things:

• With SHIB so cheap, people are too busy stocking up for hodling, and totally forgot about burning them.
• Nobody really cared about token burns in the first place, much less now.
• People did care, but got exhausted burning their own money, proving the faulty model of burning out of one’s own pocket.
• People are suspicious of burn projects, with their suspicions prevailing over the need for the token burns.
• It’s a cocktail of all four above.

It’s no secret that burns, both official and unofficial, haven't yet managed to muster up even a third of what the SHIBARMY has to offer in terms of human resources. They’re struggling, to say the least. No amount of play-to-burn games, burn search engines, websites or Youtube channels seem to have been able to attract a large enough number of followers, to make burns big. Not even the launch of the official burn portal has managed to tilt the scales for a very long time.

This is a sad state of affairs, considering how many of these independent projects provide free ways to burn Shiba Inu.