The Shiba Inu burn rate has increased significantly over the last seven days, according to Shibburn tracking service, resulting in the destruction of many billions of meme currencies.
In the meanwhile, since the middle of last week, the SHIB price has plummeted by 7.75% despite multiple efforts to break over the $0.00001006 barrier and remove another zero.
https://x.com/shibburn/status/1746804458942517268?s=20
Billions of Shiba Inu destroyed within week
The aforementioned website announced that 9,414,244,268 Shiba Inu meme coins have been burnt out of the circulating supply over the course of the last week thanks to the combined efforts of the SHIB community and the team of SHIB developers.
This week has seen modest daily burn rates, with the exception of one day when the SHIB squad scorched 9,351,444,446 SHIB, causing it to soar by 27,510%. Just 5,145,310 dog-themed meme coins have been sold by the SHIB community in the past 24 hours, with a 0% burn rate.
Tremendous SHIB burns expected in January
Out of the promised SHIB burns, the SHIB crew managed to make one more and demolish a SHIB lump valued at $90,755. Before before, in December and November, four SHIB chunks, each containing over 8.5 billion Shiba Inu, were transferred to the dead-end wallets by the group of Shiba Inu developers under the leadership of the mysterious Shytoshi Kusama. Thus, the developers behind the meme currency removed almost 45 billion SHIB following the massive burn that occurred last week.
The admin of the Telegram channel “Shibarium Tech,” Ragnar, previously stated on social media that the SHIB team intends to destroy 9.25 trillion SHIB. This might be achieved by the team implementing the automatic burn process in place of the manual one, as promised in a blog post published at the beginning of December 2023.
Shiba Inu market performance
SHIB, the second-largest meme cryptocurrency by market capitalization, has witnessed an almost 9% price reduction since January 11; it has since added another zero and is now trading at $0.00000956. The meme-inspired currency had a 2.03% increase today, somewhat mitigating the previous significant price decline.
After years of waiting and debate, the SEC eventually authorised applications for spot Bitcoin ETFs, which coincided with the demise of SHIB.
