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2 Billion Shiba Inu Burned Over Past Week, Here's How SHIB Price Reacts

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Mon, 20/03/2023 - 12:14
2 Billion Shiba Inu Burned Over Past Week, Here's How SHIB Price Reacts
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According to a tweet posted by the Shibburn tracking platform on Sunday, over the previous week, various members of the SHIB community managed to get rid of more than two billion Shiba Inu.

Last week, large burns demonstrated by the SHIB army coincided with bullish price movement. However, by now, that growth has been largely reduced.

2 billion SHIB burned last week, 15 million gone in 24 hours

Over the past seven days, the circulating amount of SHIB has been reduced by a total of 2,072,114,690 Shiba Inu, taking 290 transactions to achieve that. During that week, the burn statistics showed that several times, massive amounts of half a billion SHIB and even almost one billion SHIB were sent to dead-end wallets. Active burning done last week has resulted in this impressive outcome.

Still, over the past 24 hours, the progress has not been so good as only 15,248,223 Shiba Inu meme tokens were burned, i.e., locked in unspendable wallets. On Sunday, as reported by U.Today, the burn rate was still slightly up over 1,500% (with 39 million SHIB burned) after several consecutive days of jumping by thousands of percent.

The week before last, the overall amount of meme tokens constituted roughly 2.5 billion SHIB.

Related

SHIB price performance

Last week, the price of the second biggest meme token by market capitalization gained almost 17% by Wednesday. This price surge was achieved in the wake of the news about the Shibarium beta testnet, called Puppynet, finally kicking off. It happened on Saturday, March 11, and propelled SHIB's growth, pushing it to the $0.00001170 level.

After that, however, the meme coin began losing those gains, going down more than 12%. Since March 15, with a big rise and a decline that followed, the overall growth comprised around 5%.

At the time of writing this article, Shiba Inu is trading at $0.00001074 on the Binance exchange.

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