The second-largest memecoin, Shiba Inu (SHIB), has seen a substantial increase in token burn rates over the past 7 days, according to Shibburn, a platform that tracks SHIB token burns. Billions of tokens were burned and removed from circulation. Despite the significant increase in the token burn rate, SHIB’s price failed to rise above the $0.00001 level and remove a zero from its price, subsequently falling.
Billions of SHIB Tokens Burned in the Last 7 Days
Shibburn reported that, as a result of the joint efforts of the Shiba Inu community and the development team, a total of 9.41 billion SHIB tokens were burned and removed from circulation in the last 7 days. Thanks to the Shiba Inu team burning 9.35 billion SHIB tokens, the burn rate surged by 11,618 percent during this period. Current data shows that in the last 24 hours, with the participation of the Shiba Inu community, only 5.14 million SHIB tokens were burned and removed from circulation.
The Shiba Inu team continues to burn SHIB as promised, having burned a total of $90,755 worth of SHIB to date. Previously, in November and December, the team led by anonymous developer Shytoshi Kusama sent SHIB to inaccessible wallet addresses in four separate transactions, with each transfer moving approximately 8.5 billion SHIB tokens. Following last week’s significant SHIB burns, the altcoin’s development team has removed more than 45 billion SHIB tokens from circulation.
The anonymous administrator of the leading Shiba Inu Telegram group Shibarium Tech, Ragnar, previously stated in a social media post that the development team plans to burn 9.25 trillion SHIB tokens. This will be possible as the development team transitions the burn mechanism from manual to automatic mode, as promised in a blog post at the beginning of December 2023.
Current Status of Shiba Inu
Since January 11, the price of SHIB, the second-largest memecoin by market value, has dropped by approximately 9 percent, adding a zero back to its price to reach $0.00000956. Since then, SHIB has seen some recovery, regaining part of its losses.
This drop in SHIB followed the pullback in the price of the largest cryptocurrency after the US Securities and Exchange Commission (SEC) finally approved the country’s first spot Bitcoin ETF, following nearly a decade of anticipation and debate.
