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The Shiba Inu community keeps moving SHIB meme coins out of circulation to reduce the total supply in an attempt to turn this asset into a scarce one.
Over the past week, the SHIB army has succeeded in burning millions of meme coins. However, there is a negative pivot here as it has pushed an important Shiba Inu metric way down.
Almost two million SHIB gone amid this key SHIB metric’s crash
Data provided by the Shibburn wallet tracker in a recently published X post reveals that over the past seven days, the SHIB army has transferred 1,662,665 SHIB to unspendable blockchain wallets, i.e., burned them.
Despite the significant number of meme coins that were burned, the overall weekly burn rate has collapsed by 92.66%. The biggest single burn this week has been 1,033,449 SHIB, which was moved to a dead-end wallet roughly five days ago.
The tweet also shows a minor decline in the daily burn rate, minus 0.26%, with 69,597 SHIB destroyed. Updated figures of the Shibburn website reveal that this metric has already moved in green, now showing 52.23% growth, with 106,219 SHIB coins torched over the past 24 hours.
Overall, a total of 410,752,289,867,556 Shiba Inu coins have been torched out of circulation by now, with 584,696,203,158,754 remaining on the cryptocurrency market.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team