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The SHIB community continues to drive Shiba Inu coins from the market, making the circulating supply shrink.
This key Shiba Inu metric has experienced a significant surge over the past day. While the daily SHIB burns were rather insignificant, the weekly ones carried millions of SHIB to dead-end wallets.
SHIB burn 211% growth imbalance
According to the figures shared by the wallet tracker Shibburn, over the past 24 hours, the daily SHIB burn token metric has displayed an increase by 211.77%. However, this time, the community managed to dispose of only 219,849 meme coins.
Things stand better in weekly terms here as 6,989,286 SHIB in total have been transferred to unspendable blockchain wallets, i.e. burned. Despite this hefty amount of SHIB leaving the circulating supply, the weekly SHIB burn rate demonstrated a decline of 25.13%.
The largest burn transactions this week carried 1,694,200, 1,076,047, 1,331,608, and 1,000,000 SHIB coins, according to the Shibburn website.
SHIB attempts a bullish rebound
Today, the prominent and second-largest meme coin, Shiba Inu, printed a substantial price growth, rising by 5.15%. This surge took place within just a few hours, the chart shows, with several green candles, two of which were long ones. SHIB reached $0.00001257.
However, this attempt of a rebound after the weekend’s 4.4% decline quickly reversed and changed to a 3.13% drop. Currently, SHIB is changing hands at $0.00001218 per coin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team