The Shibburn tracking service has reported a drastic increase in the Shiba Inu burn rate that has taken place over the past seven days as several billion meme coins have been destroyed.
The Shibburn tracking service has reported a drastic increase in the Shiba Inu burn rate that has taken place over the past seven days as several billion meme coins have been destroyed.
Meanwhile, since the middle of last week, SHIB price has plummeted by 7.75% despite several attempts to break through the $0.00001006 level and clear another zero.
Billions of Shiba Inu destroyed in one week
The aforementioned platform shared that over the past week, the joint efforts of the SHIB community and the SHIB developer team resulted in a total of 9,414,244,268 Shiba Inu meme coins burned from the circulating supply.
Daily burn rates have been low this week, apart from one day where the rate skyrocketed by 27,510% thanks to the SHIB team burning 9,351,444,446 tokens. In the last 24 hours, the SHIB community has managed to get rid of just 5,145,310 dog-themed meme coins, with the burn rate spinning 0%.
Tremendous SHIB burns expected in January
The SHIB team burned one more SHIB than promised and destroyed a bundle of SHIB worth $90,755. Before that, in November and December, the Shiba Inu developer team led by the enigmatic Shytoshi Kusama sent four SHIB shards to dead-end wallets; They carried approximately 8.5 billion Shiba Inu each. Thus, after last week’s gigantic burn, the meme coin team eliminated more than 45 billion SHIB.
According to a previous social media post published by the administrator of the Telegram group “Shibarium Tech”, Ragnar, the SHIB team intends to destroy 9.25 trillion SHIB. This will be possible if the team changes the recording mechanism from manual mode to an automated one, as promised in a blog post published in early December 2023.
Shiba Inu Market Performance
Since January 11, the second largest meme cryptocurrency by market capitalization value, SHIB, has seen its price fall by almost 9%, adding a zero again and falling to the $0.00000956 level. Today, the meme-inspired coin rose 2.03%, somewhat softening the aforementioned big price drop.
SHIB’s decline came after the Bitcoin crash, when the SEC finally approved Bitcoin spot ETF applications after many years of waiting and debate.
