Data from Shibburn, a platform that monitors Shiba Inu token burns, has revealed the $SHIB community successfully eliminated 131.2 million SHIB coins from circulation over the past week. However, this seemingly positive milestone comes with a significant downside. The overall burn rate for the week has dropped by a substantial 67.29%, casting a shadow over the achievement. To make matters worse, this burn coincided with a notable 10% decline in SHIBโs price, further dampening market sentiment.
Weekly vs. Daily Burn Performance๐
Over the last seven days, 131,204,000 SHIB tokens were sent to inaccessible wallets, permanently removing them from circulation. Yet, on a brighter note, the daily burn statistics paint a more optimistic picture, with the burn rate increasing by 69.28% in just 24 hours. Despite this surge, the daily burn volume remains relatively small, totaling 6,181,175 SHIB, achieved through eight separate transactions. The most significant of these transactions burned amounts of 2,874,467, 1,701,750, 1,463,776, and 1,000,000 SHIB.
Impact of Whale Activity on SHIB Supply๐
Adding to the intrigue, a prominent early SHIB whale recently sold a staggering 650 billion SHIB tokens in two transactions. The largest transfer, worth $9.69 million, moved 400 billion SHIB to the Gemini exchange, while a second transaction of 250 billion SHIB had its destination undisclosed. This whale, who initially acquired over 15 trillion SHIB four years ago, now holds approximately two trillion tokens valued at $48.54 million. Such large-scale movements have undoubtedly influenced SHIBโs market performance.
Market Trends and Broader Crypto Sentiment๐ฅ
In the past 24 hours, SHIB has lost nearly 10% of its value, falling from $0.00002617 to $0.00002338. It has since recovered slightly, trading at $0.00002440, marking a 4.27% rebound. This decline mirrors the broader cryptocurrency market downturn, triggered by Bitcoinโs drop below $100,000 following Federal Reserve Chair Jerome Powellโs announcement of a modest 25 basis-point rate cut, disappointing expectations for a more aggressive reduction. This shift in macroeconomic policy has left the crypto community bracing for further volatility.
