The Shibburn platform, which tracks Shiba Inu (SHIB) token burns, revealed that the SHIB community managed to remove a significant amount of meme coins from circulation. However, this massive burn comes with nuances that make it less impressive.

This event coincided with a roughly 10% drop in SHIB's price.

Weekly Burn Reaches 131.2 Million SHIB

Over the past week, a total of 131,204,000 SHIB was transferred to a "dead" wallet. Despite this, the weekly burn rate dropped by 67.29% compared to the previous week.

Daily burn statistics look more optimistic, with burn transactions increasing by 69.28%. However, the amount of SHIB burned was much smaller, totaling 6,181,175 SHIB, achieved through eight burn transactions. The largest burns amounted to 2,874,467, 1,701,750, 1,463,776, and 1,000,000 SHIB.

According to Shibburn, a total of 410.7 trillion SHIB has been sent to non-spendable wallets since the project’s inception, while 584.1 trillion SHIB remain in circulation within the cryptocurrency market.

Whale Sells 650 Billion SHIB

An early SHIB whale who acquired more than 15 trillion SHIB four years ago recently sold two massive batches of tokens, totaling 650 billion SHIB.

The first transaction, involving 400 billion SHIB (worth $9.69 million), was sent to the Gemini cryptocurrency exchange. The second transaction, involving 250 billion SHIB, was also reported, but the destination was not disclosed.

After these sales, the whale still holds approximately 2 trillion SHIB, valued at $48.54 million.

Current SHIB Market Performance

Yesterday, SHIB's price dropped by 10% within 24 hours, falling from $0.00002617 to $0.00002338. However, it has since recovered by 4.27% and is now trading at $0.00002440.

This decline affected not only SHIB but the entire cryptocurrency market. Bitcoin, the largest cryptocurrency, fell below $100,000 after Federal Reserve Chair Jerome Powell announced that the upcoming interest rate cut would be just 25 basis points, instead of the 100 basis points expected by the global crypto community. This announcement led to widespread disappointment across the crypto space.

#SHIBburn , #Shibarium , #MemeWatch2024 , #shiba⚡ , #CryptoNewss



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