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Billions of SHIB Burned Within Past 7 Days As Shiba Inu Price Attempts to Recover

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Sat, 27/05/2023 - 8:46
Billions of SHIB Burned Within Past 7 Days As Shiba Inu Price Attempts to Recover
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The Shiba Inu army continues daily burns of SHIB, which have become quite substantial since the launch of the Shibarium testnet in early March. Now, frequently, the weekly amount of SHIB meme coins removed from circulation are adding up to several billions of SHIB.

This time, within a week, several billions of these popular meme coins have been locked in unspendable wallets. In the meantime, over the past few days, the Shiba Inu meme coin has been making attempts to recover but so far the growth has comprised only 1.40% from Wednesday, May 24.

Close to 3 billion SHIB get burned

Shibburn tracking service has reported that over the past week, a total of 2,726,655,616 SHIB have been sent to dead-end wallets. A recent tweet says that this is about half of what the SHIB army managed to burn from circulation a week prior to that — back then, they burned more than 5 billion SHIB, nearly 53% more than this week.

During the past 24 hours, so far only 18,922,877 SHIB have been destroyed in five transactions. The biggest two carried 11,823,597 SHIB (four hours ago) and 4,591,793 SHIB (13 hours ago).

This amount of destroyed Shiba Inu has pushed the burn rate 22.87% down compared to what was burned yesterday, May 26.

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Shibarium scores new big milestone

As reported by U.Today earlier, this week the beta test version of the Layer-2 network Shibarium smashed a new big milestone. According to Puppyscan, the amount of wallets connected by users to Puppynet has surpassed the 16 million level, now standing at 16,030,842.

The total number of transactions is coming close to 13 million and now constitutes 12,837,402.

Shibarium creators promised the SHIB army, which consists not only of individual holders, but of multiple businesses and developers, to implement incredibly low fees and fast transactions on the Layer-2 network. So now, more and more wallets are joining the Shibarium beta.

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