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Popular wallet tracker Shibburn has revealed that a substantial amount of Shiba Inu meme coins has been removed from the circulating supply recently. However, it did not help to drive the SHIB burn rate high.
Meanwhile, the SHIB meme coin has demonstrated huge price growth, surging by more than 11%.
59.4 million SHIB get burned
According to the aforementioned data source, over the past seven days, an impressive amount of meme coins has been transferred to anonymous wallets — 59,405,917 SHIB. The three largest SHIB chunks that have been burned over this period of time moved 27,062,451, 10,000,000 and again 10,000,000 meme coins.
However, the overall burn rate for the past week is not impressive since it has dropped by nearly 42%. Things stand better with the daily burn rate, which is 13.71% up. Despite the positive reading, the amount of coins transferred to unspendable wallets has been tiny so far — just 79,519 SHIB.
SHIB price follows Bitcoin upward
On Friday, the second-largest meme coin, SHIB, demonstrated a remarkable price surge, increasing by 11.52% in a single day. It printed several consecutive hourly candles, the largest of which drove it 4.85% up.
Ultimately, Shiba Inu reached a local high of $0.00001350, but then the asset rebounded, losing 3.68% of its value. By now, it has grown back, printing a 2.3% rise. SHIB is currently changing hands at $0.00001330.
On Friday, the SHIB price surged in tandem with the Bitcoin price trajectory, as BTC briefly reclaimed the $117,000 level. The growth was fueled by the statement of the Fed Reserve chairman, Jerome Powell, saying that the Federal Reserve would bring interest rates down a little next month. On this news, Ethereum shot to a new all-time high for the first time since November 2021.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team