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Data shared by the Shibburn wallet tracking platform has revealed a staggering crash in the major Shiba Inu metric — the burn rate.
Still, despite this significant drawdown, there is still good news.
SHIB burns show massive negative U-turn
The Shiba Inu community continues to remove batches of meme coins from the circulating supply. Even though the outcome is not something to boast about, still the SHIB army has succeeded in burning millions of meme coins over the past seven days.
Over the past week, the SHIB burn rate has shown a drastic decline, dropping by 87.11%. Still, a total of 2,741,316 SHIB has been burned out of the circulating supply.
However, while the daily burn rate is also down, minus 57.88%, the number of coins locked in unspendable wallets is much smaller — only 69,420 SHIB.
Overall, the circulating supply presently constitutes 589,247,707,706,325 SHIB, while 410,752,292,363,094 SHIB have been transferred to unspendable blockchain addresses.
SHIB price down, trading in range
This week started negatively for the second-largest meme cryptocurrency, Shiba Inu, as it rapidly went down by more than 6% on Monday, losing the $0.00001381 level and hitting $0.00001309.
Since Monday, SHIB has been moving sideways, trading around the above-mentioned price level.
This is not the only price decline that has hit SHIB over the past few days. Since Saturday, the prominent meme asset has gone down by 10.48%, as it crashed from $0.00001463.
While Ethereum, Solana and Binance Coin have been scoring new all-time highs this year, the smaller-cap coins, like Shiba Inu, are lagging behind, striving to catch up with the flagship altcoins.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team