The Shiba Inu (SHIB) community is concerned about the significant drop in token burn rate by 70% in the past week. This decline has raised questions about its relation to the recent surge in Ethereum gas fees, which have reached a 12-month high of 87 gwei before dropping to an average of 80 gwei. As a result, SHIB token burns have decreased due to the rising costs associated with using the Ethereum network. This has impacted the cryptocurrency market, particularly ERC20 tokens like SHIB. If the fees decrease, there may be a resurgence in SHIB token burns.
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