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A large amount of SHIB has been moved out of circulation in the past week; however, it is still not enough to push the price of Shiba Inu up. Compared to summer 2022, this is a tiny portion of meme coins sent to dead-end wallets on a weekly basis.
In the meantime, one of the key factors that influences the price of SHIB and the daily/weekly amounts of burned SHIB – the Shibarium release date – has again gone into the fog, as Shytoshi Kusama announced that he cannot name an exact date for it.
Besides, the Shiba Inu price has demonstrated a weekly fall of nearly 14%, according to CoinMarketCap. At press time, the meme coin is trading at $0.00001248.
102.1 million Shiba Inu destroyed
According to an update found on the website of the Shibburn tracker, which accumulates data on burn transactions on Etherscan, over the past seven days, the SHIB army has succeeded in removing a total of 102,145,155 SHIB from the supply in circulation.
It took them 28 transactions to achieve that result. This sum in Shiba Inu is worth merely $1,294, which is far from a record amount even though it seems big in the meme token equivalent.
In the last 7 days, there have been a total of 102,145,155 $SHIB tokens burned and 28 transactions. #shibarmy
— Shibburn (@shibburn) February 12, 2023
Overall, the burn rate is considered one of the signs that show the overall "health" of a cryptocurrency and its ecosystem on the market. On a daily basis in the past two days, the burn rate of SHIB has demonstrated a surge of well over 1,000%. On Saturday, the number of burned Shiba Inu jumped from less than 2 million to over 9 million SHIB tokens, thus showing a rise of 1,364%.
Another 1,000% rise was demonstrated by the SHIB burn rate on Sunday. Now, however, this metric is down in a sea of red, being -12.83% (with a total of 37,611,171 SHIB burned in the past 24 hours).
SHIB lead dev pours cold water on Shibarium release expectations
As reported by U.Today over the weekend, the lead developer of the Shiba Inu token and Shibarium Layer-2 protocol, the pseudonymous Shytoshi Kusama, responded to the concerns of the SHIB army about Shibarium's release news being "awfully quiet." Kusama responded that this is only "temporarily." Shibarium is based on Ethereum Virtual Machine (EVM).
This correspondence took place on Telegram. Later on, however, he clarified that he cannot promise any exact data on which Shibarium will be rolled out as it "does not happen by switch."
Thus, the dev has extinguished any expectations the community had for the release to occur on Valentine's Day, which he sort of hinted at before by mentioning the delivery of Shibarium in a "heart-shaped box."
Arman Shirinyan
Alex Dovbnya
