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The Shibburn tracking platform has shared details of the cumulative Shiba Inu burns conducted over the past month. The shortest month of the year has allowed for almost 400 million SHIB coins to be pushed out of the circulating supply.
As February ended, the SHIB price faced a massive price crash and has already made an attempt to recover.
Hundreds of millions of SHIB scorched, but SHIB army unhappy
The aforesaid data platform unveiled that during the past month, the Shiba Inu community has succeeded in disposing of a massive amount of meme coins. Its mutual efforts have resulted in destroying a total of 389,189,413 SHIB in 134 burn transactions.
Despite the impressive amount of the burned meme coins, the SHIB community seems unsatisfied with this outcome. In the comments, many SHIB enthusiasts say that these burns are still too small to give the SHIB price any worthy momentum. An X user tweeted: “At this rate, the price will never get to one cent.”
Another SHIB enthusiast suggested creating “a concert party or online gaming tournament in other game” or that SHIB becomes a sponsor in those games “where shib is the registration and rewards,” apparently believing that this would help lock more SHIB coins away from the supply.
Yuri MolchanSHIB price flips green
On Friday, the price of the second largest meme coin SHIB has lost slightly more than 10%, falling from the $0.00001475 level. However, over the past 24 hours, the prominent meme asset has retrieved 6.55%.
That rise was followed by a marginal price drop and at the time of this writing, Shiba Inu is trading at $0.00001377, closely following the largest cryptocurrency Bitcoin, which has been reacting to the U.S. foreign policy this week, in particular the trade tariffs against Canada, Mexico and China, which are taking effect March 4.
Alex DovbnyaElon Musk bashes meme coins
This week, Elon Musk took part in a new episode of Joe Rogan’s podcast, where he touched on the topic of meme coins, among other subjects.
Musk stated that “if you expect to win at meme coins, that’s being foolish.” He likened the prospering sector of the cryptocurrency space to gambling, saying that it is “like a casino or something.” The tech mogul also warned traders against betting their life savings on them.
Dan Burgin
Vladislav Sopov