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SHIB-affiliated X account “Shibarium Updates” (@Shibizens) spreads the word about a massive weekly token burn conducted on Shibarium. Overall, more than one billion Shiba Inu meme coins were set on fire last week.
1.02 billion SHIB gone up in virtual flames
The tweet published by the aforementioned data source revealed that, over the past week, the SHIB community has managed to dispose of a staggering 1,021,155,586 SHIB. Particularly, the message highlighted two large meme coin burn transactions, which carried 17,823,884.37 SHIB and 15,293,032.71 SHIB to unspendable wallets. Those took place on May 7 and May 10.
The weekly burn increase was 5.11%. The tweet stressed that the community has been recently burning more and more meme coins through the community burn portal ShibTorch on the Shiba Inu website: “The fire keeps rising—Shib by Shib.”
SHIB burn twist here
However, a negative nuance here is that, according to another reliable source, the Shibburn platform, over the past day, the amount of destroyed coins totals only 427,479 SHIB and constitutes just 70.46%.
Over the weekend, the SHIB burn rate soared by 6,858% as 18,902,967 SHIB were locked in dead-end blockchain wallets. It happened while the SHIB price broke out, adding roughly 7% in a single day.
SHIB price rallies 8.7%
Today, the second-largest meme cryptocurrency, Shiba Inu, has registered an impressive price increase of nearly 9% as it soared from $0.00001589 to the $0.00001725 level, where it is changing hands at press time.
As with many other top altcoins, Shiba Inu has been following the Bitcoin price trajectory. After surpassing the $104,000 a few times over the weekend, BTC topped the $105,706 mark earlier today before falling back to $104,440. This price surge was down to the news about the U.S. and China coming to an agreement on trade tariffs in Geneva over the weekend.
Reportedly, the U.S. is cutting import tariffs for China from 145% to 30%, and China is doing the same, reducing fees on U.S. goods from 125% to 10%. This is done for 90 days to cool off tensions between the countries. Bitcoin and stock markets reacted immediately by going into the green zone.
However, in a recent tweet, data company Santiment recommends waiting for an official statement from U.S. President Donald Trump.
Vladislav Sopov