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The SHIB community continues to work restlessly to reduce the circulating Shiba Inu supply. Shibburn data aggregator has shared that over the past day, the key SHIB metric related to this has demonstrated a four-digit surge.
Meanwhile, this week, the second most popular meme coin, SHIB, has made a brave attempt to recover price-wise.
SHIB burns 1,309% up
Shibburn revealed that during the past day, the burn metric was propelled by 1,309% up thanks to a total of 2,944,722 meme coins burned anonymously. The whales who made those transactions to dead-end wallets were not tracked by Shibburn.
The two largest burn transactions that have taken place during the past day carried 1,694,200 and 1,076,047 SHIB to unspendable blockchain wallets.
The weekly burn rate, however, has fallen by 81.45%, even though the amount of SHIB burned in the past seven days surpasses the aforementioned one significantly – 11,735,561 vs 2,944,722 SHIB.
SHIB price is "down but not done"
Earlier today, the SHIB team addressed the Shiba Inu community via one of its X accounts, @Shibizens.
That was sort of a message of encouragement to all SHIB holders and builders on Shibarium. “We’re down, not done,” the tweet stated, likely talking about the massive decline in the SHIB price since the start of the week – the coin plunged by staggering 12% on Monday.
By today, SHIB has managed to recover by 6.74%. As of this writing, the popular meme coin is changing hands at $0.00001265.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team