Data tracking platform Shibburn has revealed that the SHIB community has successfully removed SHIB meme coins from circulation. However, there is a nuance to this massive burn that makes it not look good. The event coincided with a major price drop of around 10% for SHIB.

131.2 million SHIB burned in the past week

The newly published tweet revealed that over the past seven days, the SHIB community has transferred 131,204,000 SHIB to a wallet with no funds. However, the weekly burn rate has decreased by 67.29%.

As for the daily SHIB burn, things look more optimistic here in terms of burn rate: +69.28%. However, the number of Shiba Inu meme coins burned is 21.8 times smaller and consists of 6,181,175 meme coins. This was achieved through eight burn transactions. The largest transactions burned 2,874,467; 1,701,750; 1,463,776 and 1,000,000 SHIB.

According to Shibburn, as of now, a total of 410,742,824,445,039 SHIB have been transferred to unspendable wallets, while 584,120,275,779,942 SHIB continue to circulate in the cryptocurrency market.

650 SHIB sold by first whale

As U.Today previously reported, an early cryptocurrency investor who bought over 15 trillion Shiba Inus four years ago has sold two huge batches of Shiba Inus, totaling 650 billion SHIB.

The larger transaction, carrying 400 billion SHIB, was tracked by @spotonchain. The funds were sent to Gemini, the US-based cryptocurrency exchange founded by the Winklevoss twins, Tyler and Cameron. The 400 billion SHIB is worth $9.69 million.

The second transaction was reported by the @lookonchain account when the same initial SHIB investor transferred 250 billion SHIB. The destination was not mentioned. After buying 15.2 trillion Shiba Inu and the recent sales, the whale now holds about two trillion SHIB worth $48.54 million in fiat.

SHIB Market Performance

Over the past day, the second-largest dog-themed cryptocurrency has stopped around 10%, losing $0.00002617 and landing at $0.00002338. To date, SHIB has recovered 4.27% and is trading at $0.00002440.

Not only SHIB but the entire cryptocurrency market also followed the brief plunge of the world's pioneer cryptocurrency, Bitcoin, as it fell below $100,000 when Fed Chairman Jerome Powell announced that the upcoming interest rate cut would only be 25 basis points instead of 100 basis points, as predicted by the global cryptocurrency community.