According to data shared by the Shibburn cryptocurrency transaction tracker, over the past week, the SHIB army succeeded in burning a great number of their meme coins.
By the end of the week, the price has also started its attempt to recover the recent losses.
Nearly 2 billion SHIB removed
Within the period of the last seven days, a total of 1,740,061,669 Shiba Inu has been burned. However, according to the tweet, this is nearly 70% less than was burned a week before. All the "burned" tokens have been removed from the circulating supply and locked in unspendable wallets.
As for the meme coins burned over the past 24 hours, their amount stands at 8,029,996 SHIB. The Shibburn chart shows that this is "0%" compared to yesterday.
HOURLY SHIB UPDATE$SHIB Price: $0.00000887 (1hr 0.04% ▲ | 24hr 2.66% ▲ )— Shibburn (@shibburn) May 13, 2023
Market Cap: $5,226,145,745 (2.86% ▲)
Total Supply: 589,361,030,802,738
Past 24Hrs: 8,029,996 (0% ▲)
Past 7 Days: 1,740,061,669 (-69.57% ▼)
This week overall has shown bizarre results for SHIB burns. There were a few times when the burn rate spiked to over 30,000%, and several times it stumbled to 0%.
SHIB price action
Over the past week, the second largest meme cryptocurrency by market capitalization value, SHIB, has lost over 13% in price. But during the past 24 hours, it has managed to gain 2.36%.
At the time of this writing, Shiba Inu is changing hands at $0.00000881. SHIB has not been able to "burn" the zero it added recently yet.
Shiba Inu leaves status of meme coin behind
This year, Shiba Inu has taken several major steps to outgrow the status of simply a "meme coin." The developer team spearheaded by the pseudonymous Shytoshi Kusama finally launched a beta of Shibarium Layer 2 network called Puppynet.
By now, more than 14 million wallets have been connected to it with millions of transactions performed on this testnet. Initially, the release of the mainnet was expected by Kusama before May but it seems that this work is taking longer than planned by the developers at first.
Aside from that, SHIB has been listed on many large and small crypto exchanges. Binance has even moved Shiba Inu out of its Innovation Zone, where promising tokens are being tested on trading operations.
Besides, the SHIB community has expanded greatly and the coin has been supported by many crypto influencers, including the founder of Gokhshtein Media David Gokhshtein and an early Bitcoin investor and millionaire Jeremie Davinci.