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SHIB Burns Deep in Red on All Metrics, Despite Recent SHIB Price Recovery

Tue, 06/13/2023 - 09:48
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Yuri Molchan
Shiba Inu burns remain in deep red both on daily and weekly basis
SHIB Burns Deep in Red on All Metrics, Despite Recent SHIB Price Recovery
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Things are not going too well with SHIB burns recently as daily amounts of burned meme coins continue to drop, and weekly, they have stopped exceeding even one billion SHIB.

In the meantime, over the past few days, the price of Shiba Inu has managed to regain 13.21% after a massive crash last week.

SHIB burn rate plummets

According to a recent tweet of the Shibburn tracker, which follows the burn transactions of these meme coins on Etherscan, within the last 24 hours, merely 4,469,651 SHIB have been "set on fire" and destroyed.

That is a nearly 80% decline in the burn rate from the previous day. As for weekly burns, during the past seven days, the burn rate has plunged by 53% as the community only managed to get rid of 299,086,708 Shiba Inu.

Burning is a mechanism implemented by various cryptocurrency platforms aimed at reducing the circulating supply of their cryptos. Coins are sent to dead wallets, from which they can never be withdrawn. This is why they are also known as unspendable wallets.

The purpose of burning is to reduce the supply, which makes a particular coin more scarce and, in theory, should help its price increase in the long run.

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Shiba Inu price rebounds

Last week, the crypto market was shaken by the SEC filing charges against crypto trading giants Coinbase and Binance, accusing them of violating U.S. security laws. This pushed Bitcoin down to the $25,500 level, making the whole cryptocurrency market decline.

Shiba Inu plummeted 30% to the $0.00000593 level within two hours. However, the coin immediately began to recover, now up 13.75%, changing hands at $0.00000675 on the Binance exchange.

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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