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The SHIB community continues to remove massive amounts of SHIB meme coins from the circulating supply despite various hurdles in the meme coin’s price growth.
According to the Shibburn tracking platform, over the past day, the SHIB army has managed to dispose of nearly 30 million coins, pushing the burn rate metric up by four digits.
SHIB burns show fast 1,344% growth
The aforementioned data source has revealed that over the past 24 hours, SHIB fans have removed a total of 28,863,518 SHIB from the circulating supply. The burns took place in several transactions: 28,000,000 SHIB, 341,698 SHIB and 500,000 Shiba Inu coins.
All three were conducted by anonymous whales over the past day. The amount of 28,000,000 SHIB has been the largest single burn transfer over the past several days.
Last year, the SHIB team integrated a mechanism for automated SHIB burns on Shibarium. However, no large burns through it have been noticed this year. Overall, every transaction on Shibarium contributes to SHIB burns since a portion of the transaction fees is set aside to be converted from BONE to SHIB later and then moved to an unspendable wallet.
SHIB price recovery fails
The second-largest meme coin has been striving to stage a price recovery after the 7% price fall experienced on Sunday; it crashed from $0.00000842 and hit the bottom at the $0.00000783 price level. This decline was followed by an attempt to recover, and earlier today, SHIB went up by almost 4%.
However, this rise was immediately followed by a 3.41% decline. At press time, the major meme cryptocurrency is changing hands at $0.00000788 per coin.
SHIB, along with the rest of the cryptocurrency market, has been mirroring Bitcoin’s recent price behavior; it dropped 3.62% on Sunday, and then it experienced a 2.34% decline earlier today when BTC went down from $93,000 to roughly $91,000. Legendary trader Peter Brandt has even forecast a further BTC price collapse to $60,000, saying that Bitcoin is unlikely to “go up forever” as many investors, including Michael Saylor, claim.
Meanwhile, some investors are taking advantage of the price drop to increase their bets on Shiba Inu. As reported by U.Today previously, an anonymous whale that had been inactive for two years bought 15,182,013,963 SHIB on Binance and withdrew them to a cold wallet for long-term storage. That data was provided by the Arkham platform.
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