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Millions of SHIB Burned as Shiba Inu Price Drops 16% Weekly

Fri, 06/16/2023 - 14:49
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Yuri Molchan
SHIB army has removed two million Shiba Inu, while the coin has been rising since Thursday
Millions of SHIB Burned as Shiba Inu Price Drops 16% Weekly
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According to the Shibburn wallet tracker that collects data on SHIB burns on Etherscan, within the last 24 hours, the Shiba Inu burn rate has plunged below zero after the amount of burned SHIB dropped around 60% compared to a much bigger burn conducted yesterday.

Within the aforementioned period, a total of 2,602,167 SHIB were driven to unspendable wallets in three transactions. Nearly the whole amount was moved in just one transfer, which carried 2,241,682 meme coins. The smallest transaction here was worth as little as 262 SHIB.

Overall, within the last seven days, the SHIB community has gotten rid of 293,566,203 Shiba Inu meme coins.

SHIB market performance

Over the past week, since Friday, June 9, the second largest canine token in terms of market capitalization value, SHIB, has seen a decline of 16.13%, dropping from $0.00000803 to the level where SHIB is trading at the time of this writing - $0.00000674.

In fact, Shiba Inu saw a massive drop of around 30% last weekend, and it has been making attempts to recover since then. Since June 10, it has recovered around 20% of its value.

Related
SHIB Team Teases Brand New Feature to Take Shiba Inu Beyond 'Digital Realm'

SHIB metaverse news

A top member of the Shiba Inu team, Lucie, posted a tweet about Unreal Engine. She wrote that the combination of it and SHIB metaverse is "a match made in virtual heaven."

Lucie stated that no other engine has so far been able to surpass Unreal Engine "in creating immersive experiences and stunning visuals," adding that she is looking forward to exploring the vibrant universe of Shiba Inu, experiencing thrilling adventures and getting connected with other members of the SHIB army.

Lucie also stated that she sees the future of virtual reality as "incredibly exciting" and sent kudos to all the Unreal Engine developers and artists who are working on SHIB metaverse.

As reported by U.Today earlier, in December last year, SHIB and Unreal Engine 5.1 together showcased Metaverse Hub WAGMI Temple during a Fireside Chat. Unreal Engine is an engine for 3D computer graphics games developed by Epic Games.

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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 yuri.molchan@u.today.