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SHIB Burns Plummet 75% as Shiba Inu Retreats to Top 19 Spot

Mon, 07/03/2023 - 09:54
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Yuri Molchan
Hundreds of millions of Shiba Inu have been incinerated through dead wallets within last week; still, burn rate has plummeted to large degree
SHIB Burns Plummet 75% as Shiba Inu Retreats to Top 19 Spot
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While the Shiba Inu price has picked up within the last few days, the weekly burn rate of SHIB has gone down nearly 80%, in accordance with data shared by the Shibburn tracking platform earlier today.

In the meantime, the launch of the Shibarium Layer 2 blockchain seems to have started or to at least be very close to that, according to a recent message from Shytoshi Kusama. Besides, Shiba Inu has now been pushed back to the 19th spot on CoinMarketCap.

Close to 300 million SHIB destroyed last week

A recent tweet from Shibburn shows that over the past seven days, the SHIB community transferred a comprised 259,435,386 Shiba Inu meme coins to dead-end wallets. This is 75.08% less than what was burned during the week before last, however.

Over the past 24 hours, Shibburn reported, a total of 12,109,422 SHIB were burned — 33.63% less than on Sunday, when the SHIB army disposed of 18,246,034 Shiba Inu meme coins and the burn rate was up 135.16%.

Over the weekend, Shibburn also shared some statistics regarding the cumulative burns made in June. Last month, an impressive amount of SHIB was transferred to unspendable wallets — 1,653,845,435 meme coins.

Billions of Shiba Inu Burned in June as Shytoshi Kusama Hints at Shibarium Launch Location

Shytoshi Kusama talks about "launch strategy"

Last week, in a Telegram channel "Shibarium Tech," the pseudonymous leader of the Shiba Inu meme coin team, Shytoshi Kusama, mentioned a "launch strategy" — many SHIB fans assumed Kusama was referring to Shibarium.

Shytoshi hinted that there is already a set date and plan for the launch and he cannot change it, despite some users asking him to accelerate. Shytoshi also spread the word that SHIB was "going somewhere" outside the USA.

Some SHIB users believe that Kusama meant Canada, to take part in the ETHToronto conference, which is to take place on Aug. 15-16 in Toronto this year. This may be the "plan" and "date" hinted at by Kusama when he stated that "everything is already set" and cannot be changed.

SHIB market performance

During the past 24 hours, the popular meme coin based on Shiba Inu memes, SHIB, has demonstrated a marginal rise of 2.15%, now changing hands at $0.00000770.

Over the past few days, i.e., since Friday, June 30, until now, SHIB has added 5.26% to its market value.

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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