The Shiba Inu community has effectively destroyed yet another sizable portion of SHIB meme currencies by shifting them to dead-end wallets, according to the Shibburn tracking website.
The burn rate of SHIB was negative on Monday, but it increased by more than 100% when the principal developer of the company made his positive comment about the price.
SHIB burns jump, millions of coins sent to oblivion
According to information that Shibburn just published on its website, a total of 45,379,403 SHIB have been sent to dead blockchain addresses in the previous 24 hours. As a result, the burn rate increased from below zero to 100.54%.
On this burn list, the largest transaction contained 9,891,756 SHIB, while the lowest contained 14,292 meme coins.
According to the same source, the community was able to take 341,152,570 SHIB out of circulation last week.
Shytoshi Kusama says what can move SHIB price up in future
The head of the SHIB development team, Shytoshi Kusama, addressed a commenter who lamented that the SHIB price had not changed much lately earlier this week.
Kusama “shared a secret” that only perseverance can drive up the value of the well-known meme currency. Shitoshi’s primary innovation, following SHIB (which he and Ryoshi founded), is Layer-2 blockchain Shibarium.
On August 15, it was launched, and after collapsing from an incredible influx of visitors, it was revived. Shibarium has now accomplished multiple milestones in the over 40 days since the second release; the network’s transfer volume has topped a 3.3 million record and the total number of blocks mined has risen above the one million mark.
Shiba Inu price performance
SHIB is now trading at $0.000006972 without making any notable efforts to increase its price. According to CoinMarketCap, it was recently moved to the 19th position and has since recovered 18th place there.
After the weekend Stars Arena breach, the most valuable cryptocurrency, Bitcoin, plummeted below the $28,000 barrier, bringing down the whole cryptocurrency market, including SHIB. The second-largest dog coin has decreased by more than 4% during the last week.
