Shiba Inu burns millions of SHIB despite price drop
Daily burn rate surges, but weekly volume lags
Over 410 trillion SHIB burned since launch
Shiba Inu’s daily token burn rate has surged despite a recent decline in the price of its native token, SHIB. A recent update on the SHIB burn tracker on X revealed a steep 62.58% increase in the burn rate within the last 24 hours, as the project removes several million SHIB tokens from circulation.
HOURLY SHIB UPDATE$SHIB Price: $0.00002383 (1hr -1.77% ▼ | 24hr -3.80% ▼ )Market Cap: $14,172,538,490 (-2.80% ▼)Total Supply: 589,273,577,774,968TOKENS BURNTPast 24Hrs: 6,985,600 (62.58% ▲)Past 7 Days: 57,671,544 (-56.28% ▼)
— Shibburn (@shibburn) May 20, 2024
Through this latest burning initiative, the Shiba Inu community has successfully taken 6.9 million SHIB tokens out of circulation. Several transactions stand out among the ten executed thus far. These include burning large quantities of SHIB tokens at various intervals.
In addition to the recent burning of 6.9 million SHIB, the Shiba Inu community has eliminated several more tokens in the past week, bringing the total burned to 57.67 million SHIB over the past seven days. Interestingly, this represents a 57% decrease from the total burned the prior week. Therefore, the significant rise in the daily burn rate has yet to be reflected in the weekly burn volume.
Since its launch as a leading memecoin project in 2020, the Shiba Inu community has successfully burned over 410 trillion SHIB tokens. This leaves only 582.9 trillion SHIB in circulation out of the initial quadrillion tokens created. As of this writing, over 6.28 trillion SHIB remain locked in staking platforms.SHIB was trading for $0.00002393 at the time of writing, attempting to recover from a recent 5.84% price drop, according to data from TradingView.
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