Shiba Inu (SHIB) starts the week with a positive combination increase in your burn rate and a slight price drop to show a visibly dynamic ecosystem.
Shiba Inu (SHIB) starts the week with a positive combination increase in your burn rate and a slight price drop to show a visibly dynamic ecosystem.
Shiba Inu Burn Rate Metric
Shibburn data puts the total number of tokens incinerated at 298,761,752 SHIB, with an increase of 438.17% in the last 24 hours. This burn rate is a decoy, considering that SHIB’s burn rate has increased noticeably over the past week.
Members of the Shiba Inu ecosystem have been proactive in burning SHIB since early this year. The collective effort has seen the total tokens burned since the initial supply increase to 410,723,397,483,539 SHIB, leaving a total of 589,276,602,516,460 SHIB in circulation.
Since Shiba Inu’s deflationary campaign through massive SHIB burning remains manual and based on the curiosity of community members, the most significant transaction came from a wallet address labeled “0xda…f57705” , which burned a total of 211,489,784 SHIB tokens. Other large burning transactions detected on-chain include 0xdb…2019a’s 50,000,000 million and 0xb23…c460’s 46,000,000 SHIB.
Shiba Inu Price Action
Amid the positivity surrounding the Shiba Inu burning campaign, the price of the meme coin has failed to register a notable gain in 24 hours. At the time of writing, data CoinMarketCap’s Shiba Inu price is set at $0.00003426, down 2%.
The sell-off could be considered a slight correction of the massive rally, with growth of 25.5% over the past week. Shiba Inu maintains solid resistance above the price of $0.00003, and the medium to long-term goal of this bullish cycle is to surpass its previous all-time high (ATH) and clear another zero entirely.
