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Here's SHIB Burn Rate's Reaction to Recent Shiba Inu Price Performance

Tue, 02/07/2023 - 13:51
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Yuri Molchan
Over past day, burn rate of Shiba Inu has been moving in line with its poor price performance
Here's SHIB Burn Rate's Reaction to Recent Shiba Inu Price Performance
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Leading digital canine crypto Shiba Inu has demonstrated a drop of 7.25% since Sunday, now trading at $0.00001413. This drop followed a substantial price jump of over 24.47% on Friday.

The price peaked at $0.00001545. The burn activity back then did not put up a big increase to follow the surge and was around 62%, according to an earlier U.Today report. However, merely 9 million SHIB were burned then.

Today, the burn rate of Shiba Inu seems to be mirroring the coin's price performance as it is 99.13% down in the red with as few as 205,000 meme tokens removed to the dead-end wallets, according to data provided by Shibburn tracker.

Image by Shibburn

SHIB adoption expands to millions of users

As reported by U.Today recently, Canada-based FCF Pay crypto payments processor added the Shibarium trifecta to the list of the crypto it operates with: SHIB, BONE and LEASH.

Now, these coins, along with Bitcoin, Tether, DAI, etc., can be loaded to a virtual debit card (Visa and Mastercard) and used for shopping online with thousands of merchants that work with FCF Pay.

These cards, as the company mentioned earlier, are also accepted by such popular platforms as Netflix and Amazon, so Shiba Inu can now be spent there too.

Shiba Inu (SHIB) Payments Expand to E-Commerce Stores via This Integration: Details

SHIB remains whales' favorite currency

The largest wallet owners on Ethereum still favor Shiba Inu. Over the past week, they have purchased a whopping $128 million worth of this meme currency, then selling around $14 million over the past 24 hours.

They are now holding a collective $714,720,760 worth of SHIB, which is 77.88% of their comprised portfolio, according to WhaleStats on-chain data platform.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at