Over the past week, there has been a significant amount of #ShibaInu (SHIB) burned via transactions. However, despite that, SHIB has continued in a downtrend following in the same direction as the rest of the crypto market. 

SHIB has fallen from a high of $0.0000227 seen on February 27 to trading below $0.0000150 as of March 6. The token hasn’t made any significant move in the past 24 hours despite the burns that have taken place over the same period. 

Shiba Inu Records Huge Burn 

Over the past seven days, the SHIB army burning commitment has led to more than 170 million SHIB tokens being eliminated from the SHIB circulating supply. According to Shibburn, a Shiba Inu burn tracker, there have been a total of 170,718,939 SHIB tokens burned in the past 7 days across 59 transactions. 

The highest weekly burn which happened the day SHIB initially began its current downward trend occurred via an unknown wallet burning 63.86 million SHIB tokens cumulating the total SHIB burned that day to more than 85 million.

Following that, on Friday, the second-highest weekly burn was recorded with a total of 43.19 million SHIB tokens burned that day. Out of the total SHIB burned on Friday, approximately 23 million SHIB were burned in just a single transaction. 

Days after that, the SHIB burn continued with a total of 24,223,415 burned in the past 24 hours via five separate transactions, according to #Shibburn . SHIB super store, a SHIB-themed product, burned the most SHIB among the 24-hour burn through its weekly burn event.

Over the past 24 hours, the store reported a total of 9.45 million burned SHIB tokens in just a single transaction. Alongside the burned tokens, the store also reported an additional 9.4 million Shiba Inu tokens distributed to the community as a reward. 

SHIB Continues Downtrend

#While the total amount of #SHIB burned over the past week is significantly huge compared to the total SHIB burned weeks before, SHIB price has shown less concern except for a continuous downward trend.

Over the past seven days, SHIB has plummeted by 14% down from a high of $0.0000227 seen February 27 to trading just above $0.0000100, at the time of writing down by 1.5%. The token has followed suit with the rest of the crypto market recording sharp declines over the past few days. 

Meanwhile, as of March 5, both SHIB and its governance token BONE appeared in the list of trending cryptocurrencies on Coinmarketcap with SHIB claiming the top spot and BONE emerging in the 10th position.

This has proved that though SHIB is in red, it is still considered relevant among the crypto community. Last Friday, NewsBTC reported that Ethereum Whales have shown more interest in Shiba Inu than any other altcoins including Polygon. 

Overall, despite SHIB’s downtrend amid its huge burns, with more SHIB burned over time and more demand than supply, SHIB’s price could in return spike more than expected.

The debut of the appropriately called #SHIB Association, an innovative project entirely focused on the #Shibainu environment, has marked a significant advancement in the growth of the meme coin.

Unmasking the Newly Established $SHIB Association

Shibburn announced the founding of the SHIB Association in a pretty lengthy X (formerly known as Twitter) post. This new initiative may be crucial to the advancement of the Shiba Inu ecosystem and the SHIB community in the future.

According to Shibburn, the SHIB Association was established to promote development, services, and cutting-edge solutions inside the SHIB ecosystem, hence facilitating the growth and expansion of SHIB.

Moreover, it stated that the recently established business will assist in the development of a specific blockchain for the Shiba Inu native coin, SHIB. Once Shibarium is launched, this tactical choice can affect how the SHIB ecosystem develops. Moreover, it will guarantee that the SHIB community has its own blockchain, giving token owners better control and flexibility.

"Earlier today, I introduced 'Shib Association,' a new initiative that is exclusively dedicated to SHIB. We will infuse SHIB with innovation, utility, and its very own blockchain. For those that support SHIB and want it to remain the emphasis without being constrained by an ecosystem, there is another possibility, according to the post.

The Implications of SHIB Association on Shiba Inu Prices

SHIB community members and cryptocurrency aficionados have pondered the effects that the SHIB Association would have on the price of the Shiba Inu token as word of the association develops and spreads throughout the crypto ecosystem.

A member of the SHIB community inquired as to whether the SHIB Association's activities might affect the cost of the SHIB token. The founder of Shibburn responded by denying that SHIB Association or SHIB burning exercises or rates could have an effect on the pricing of Shiba Inus, reiterating the fact that Shibburn and SHIB Association are separate organisations.

Don't mix up #Shibburn with other projects, please. Shibburn is a stand-alone business. The Shib Association won't be a part of Shibburn either, but we will still donate, according to Shibburn.

Shibburn emphasised SHIB Association's commitment to Shiba Inu and its community while outlining all the changes that are coming to the Shiba Inu environment.

When it first debuted in 2019, the SHIB burn tracker said that it had no past connections to the unnamed organisation that created Shiba Inu, Ryoshi. To give the SHIB community members access to crucial information concerning burns, it first served as a burn tracker for Shiba Inu tokens.

The tracker has also claimed that it is not need to significantly restrict the number of SHIB tokens. Including that every member of the SHIB community has a crucial part to play in the expansion and improvement of the Shiba Inu environment.

Many think it's my duty to drastically reduce the supply even though I'm simply a regular person in the neighbourhood like you. Shibburn is not a member of any other organisations. Shibburn is a stand-alone business that I established to lend a hand.

The burn rate of Shiba Inu has experienced a significant increase due to the delivery of millions of SHIB tokens to inactive wallets.
Based on the information provided on the #Shibburn website, it is seen that the SHIB burn rate has exhibited a substantial surge of 7,700% throughout the preceding 24-hour period. This notable rise is evidenced by the burning of a total of 266,727,310 #SHIB tokens, which occurred through the execution of 21 distinct transactions.
#Meme
During the previous week, a significant quantity of over five hundred million SHIB tokens were destroyed. According to Shibburn's findings, a total of 544,958,383 SHIB tokens have been eliminated through 284 transactions throughout the preceding seven-day period.
On October 26, the price of Shiba Inu had a notable increase, reaching a two-month peak of $0.00000825. This surge in value can be attributed to a resurgence of positive sentiment within the market. The Shiba Inu saw a period of profit-taking subsequent to reaching a peak, resulting in a decline in values to $0.00000757 on October 27th.
On October 28th, the price of Shiba Inu had a recovery and thereafter exhibited a continuous upward trend throughout early Sunday trade. At the time of writing, the SHIB token saw a 3.29% increase throughout the last 24 hours, reaching a value of $0.00000807. Furthermore, over the past seven days, it shown a notable growth of 15.40%.
The value of SHIB has exhibited a consistent upward trend from October 19th, following a period of reaching its lowest point at $0.0000066. Subsequently, SHIB has exhibited positive performance on nine out of the last eleven consecutive days. The SHIB token successfully surpassed the significant daily moving average (MA) 50 threshold of $0.00000726, a price level that had been acting as a resistance point since August.
With this achievement, the $SHIB token is once again nearing a price objective that has the potential to trigger its subsequent significant price fluctuation.
In order to sustain the ongoing upward momentum, Shiba Inu bulls are need to surpass the daily moving average (MA) 200 resistance level, which is now positioned at $0.00000823. If this obstacle is successfully surmounted, Shiba Inu has the potential to initiate a novel maneuver with the objective of reaching the price level of $0.00001134.
The Shiba Inu playfully alludes to an anticipated positive revelation.
The official Shiba Inu X account conveys an intriguing announcement on the upcoming revelation of the SHIB identity, urging the community to prepare for a significant transformation in the realm of blockchain technology.
Shiba Inu made an announcement to its community on an anticipated development in unlocking a distinctive SHIB identity, which was referred to as a "good surprise." As the commencement of the countdown to the disclosure approaches, it concurrently proclaims a SHIB prize amounting to $5,000.
Self-sovereign identification refers to a collection of protocols and technologies that enable users inside a system to maintain control over their identity, validated credentials, and assets stored in a wallet.

Around $28M worth of #ShibaInu tokens were withdrawn from exchanges in July, yet prices held steady and market cap nears $5 billion.

Shiba Inu (SHIB) tokens have seen an unanticipated outflow from centralized cryptocurrency exchanges. According to leading crypto researcher Ali Martinez, 3.30 trillion #SHIB tokens worth $28 million were removed from these exchanges in July.

This decision, which is generally indicative of a desire to keep assets for the long term, has had no effect on Shiba Inu's market position. According to CoinMarketCap data, the meme currency has continued a strong market trajectory, approaching a $5 billion market cap, a considerable increase from its June value of less than $4.5 billion. At the time of writing, the currency was trading at $0.000008303.

While the coin's burn rate has recently decreased, #Shibburn , the $SHIB burn site, reports that 97.5 million SHIB tokens were delivered to dead wallets in the previous 24 hours. The burn rate has increased by almost 296% as a result of this rise, with multiple transactions involving the burning of millions of tokens.

Despite the outstanding statistics, they remain modest when compared to previous eras when about a billion SHIB were burnt. The fascinating trend points to a dynamic, but steady, future for Shiba Inu in the cryptocurrency market.

Shiba Inu's utility token, BONE, has surged in value by more than 20% in the last week as a consequence of the project's chief developer, Shytoshi Kusama, declaring intentions to mine the remaining BONE token supply. This is being done in preparation for the upcoming release of Shibarium, Shiba Inu's layer 2 scaling solution.

Although the bulk of the market has been facing negative trends and corrections, Shiba Inu has consistently climbed in the other direction. The cryptocurrency has grown dramatically in recent weeks, bucking conventional market trends.

#Shibainu burnt nearly half a billion SHIB tokens last week, reflecting a slight rise in its weekly burn rate.

Shibburn reports that in the previous seven days, 570,455,129 SHIB tokens were burnt in 110 transactions. This comes to $4,083, and the weekly burn rate has increased by 71.91%.

Nonetheless, the average daily burns have decreased during the last 24 hours. In 18 transactions during the last day, a total of 86,429,656 SHIB tokens have been burnt. According to the #Shibburn website, the daily burn rate has decreased by 58.74%.

The crypto market has been unusually quiet this week, owing to fears over FTX selling its #crypto holdings, which are worth approximately $3.4 billion.

Shiba Inu, on the other hand, has been steadily rising since Monday, September 11, after touching lows of $0.00000696. Shiba Inu then rallied for four days in a row until hitting a resistance level of $0.00000757.

SHIB was down 2.14% in the previous 24 hours to $0.0000073 at the time of writing.

As previously reported, Shiba Inu developers have begun the process of terminating the BONE contract. Shiba Inu creator Kaal Dhairya describes the complexities of minting the remaining BONE and terminating its contract in a blog post. BONE was fortified by the addition of a timelock contract, which is managed by a decentralised multisig wallet.

According to the Shiba Inu developer, the two-step procedure of employing the timelock contract for BONE has already begun.

Shiba Inu receives 305 billion SHIB.

On September 16, Shiba Inu had a large-holder influx of 305 billion SHIB, beating the previous day's inflow of 110.82 billion SHIB.

Big Holders Inflow on IntoTheBlock tracks funds coming into addresses belonging to large holdings, such as whales. A jump in substantial holder inflows may suggest increased purchasing activity. $SHIB 's big holder inflow has increased by 91.32% in the previous seven days, according to IntoTheBlock statistics.

Big holding netflows are also up 148%, owing to moderate accumulation from Shiba Inu whales.

#Binance

According to a recent tweet by #Shibburn explorer, last month, the #Shiba Inu community transferred a total of 1,653,845,435 SHIB meme coins to dead-end wallets.

🔥🔥🔥 1,653,845,435 $SHIB tokens have been burned in the month of June with 164 transactions. #shib

— Shibburn (@shibburn) July 1, 2023

If the amount of SHIB burned over the past month looks more or less substantial, daily burns are still going up and down, often dropping deep below the zero level and drowning in the red.

On June 30, the burn rate of Shiba Inu showed a 1,800% surge when 50,258,924 SHIB were locked in unspendable wallet addresses. However, the daily rise in SHIB burns has been only noticed a couple of times this week.

In June, the lead developer Shytoshi Kusama posted a few cryptic tweets that may have inspired the SHIB community to start burning more of those meme coins. Those were tweets about “Something physical coming” and “SHIB going somewhere”.

The former is to do with a new partnership of SHIB with Shibcals – a team that transfers SHIB “into the physical world” and produced SHIB-themed clothing, merch, goods and other things that can actually be touched, not just seen on a computer/smartphone screen.

The second tweet and a Telegram message of Shytoshi posted in the “Shibarium Tech” channel stated that SHIB was “going somewhere”. Kusama then specified that this “somewhere” was “outside the USA”.

Some believe that the SHIB team is going to head for Canada soon to participate in the ETHToronto conference. This would be paying homage to Vitalik Buterin (Shiba Inu was initially launched on the Ethereum chain) and perhaps the launch of the Layer-2 solution Shibarium will also be conducted there in Canada.

#Where? Will the launch of #shibarium‘s mainnet be released in Toronto, Canada - the birthplace of Ethereum? This is a naked tribute to @VitalikButerin . pic.twitter.com/ufO41ltzYS

— $BONE + Ai = #SHIBARIUM (@shib555) June 29, 2023

As reported by U.Today yesterday, Shytoshi posted in Telegram that he “can’t change the date or plan”, “everything is already set”, he added, “it’s called a launch strategy”.

The testnet of Shibarium was launched on March 11 and since then it has reached many significant utility milestones. As of now, there are 17,019,690 linked wallets and 25,955,919 transactions conducted in total, according to Puppyscan.#crypto2023

$SHIB