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2.5 Billion SHIB Burned in Past 7 Days, While Shiba Surges 14%

Mon, 05/30/2022 - 09:39
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Yuri Molchan
SHIB army has burned another huge chunk of meme tokens over the past week, while the number of holders surges
2.5 Billion SHIB Burned in Past 7 Days, While Shiba Surges 14%
Cover image via stock.adobe.com

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Shibburn platform that tracks SHIB burn transactions and frequently destroys meme coins itself has recorded over 2.4 billion Shiba Inu locked in unspendable wallets since last Monday.

In the meantime, the Shiba Inu price has printed growth of over 14%.

Billions more SHIB removed

Shibburn has tweeted that over a period of the last seven days, a total of 2,417,015,301 canine tokens have been moved to two dead-end wallets and out of the circulating supply. Burning this large stash of Shiba Inu took 236 transactions.

This is the equivalent of $29,270 at the current exchange rate.

Last week, daily burns of SHIB reported by Shibburn, as covered by U.Today, sometimes reached over half a billion tokens.

On Friday, U.Today reported that business project @shib_superstore announced that its online shop that sells mobile phone games, Shib-branded merchandise and goods had been picked for an affiliated program of Amazon and would begin to regularly use part of their profits from that to buy and burn Shiba Inu.

First, this project burned SHIB every 15th day of each month, but now they have begun conducting burns more frequently—every Sunday.

Related
SHIB Will Now Be Burned via Amazon, Here's How

SHIB rises 15%

Since May 29, the second biggest meme coin by market cap, Shiba Inu, has demonstrated a rise by over 14%; the price surged from $0.00001081 to $0.00001236.

The whole crypto market started going up, pulling small-cap coins, like Shiba, along. Bitcoin is up 5.66%, changing hands at $30,630, and Ethereum has risen 7%, trading in the $1,900 zone.

Cardano's ADA is up more than 12%, hitting $0.521. Solana and Polkadot are both up nearly 11%.

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Image via CoinMarketCap

Number of SHIB holders soars

Since the start of May, the amount of addresses holding Shiba Inu has increased by 32,000, now standing at 1,172,506.

SHIB has recently been integrated by several large U.S. and global companies as a payment method, which is spreading the adoption of the "Dogecoin killer." DOGE has often been adopted along with SHIB, Bitcoin, Ethereum, Litecoin and other top cryptos via BitPay crypto payment processor.

The recent partnerships that have increased SHIB adoption include XcelTrip and NOWPayments together with Switchere, Jamestown, etc.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.