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According to data published by the blockchain wallet tracker Shibburn, the SHIB community has managed to dispose of an impressive amount of meme coins. This massive transaction has propelled the SHIB burn rate to increase by almost 400%.
Meanwhile, the SHIB price has demonstrated a major 11.11% decline over the past two days, following the Bitcoin price trajectory.
SHIB burns rocket 367% in past week
A recent X post published by the aforementioned on-chain data source reveals that over the past seven days, the weekly SHIB burn metric experienced a substantial surge of 367.83%. That was possible thanks to a cumulative 631,404,719 SHIB chunk being moved to unspendable blockchain wallets.
Roughly 600,000,000 SHIB were burned in a single move earlier this week by an anonymous crypto whale, according to the details of burns revealed by the Shibburn website.
The daily burn rate shows a drastic decline, with the metric falling 96.89% and merely 18,717,760 SHIB locked out of the circulating supply so far today.
SHIB price crashes 11% as Bitcoin heads south
Since Monday, when Bitcoin was trading at $119,700, the largest crypto in the world is now down almost 2%, changing hands at $117,740. Notably, the price decline took place after the renowned Bitcoin evangelist and founder of Strategy, Michael Saylor, announced that his company had made yet another astounding BTC accumulation.
On Monday, Strategy bought 21,021 Bitcoin for roughly $2.46 billion. This mammoth purchase has increased the company’s crypto holdings to a total of 628,791 BTC, valued at more than $73 billion.
The market nosedived following Bitcoin and SHIB demonstrated a price decline of 11.11%, falling from the $0.00001435 level to $0.00001278, where it is trading at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team