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Shibburn tracking service has reported a drastic increase in the Shiba Inu burn rate that has taken place within the past seven days, as several billions of meme coins have been destroyed.
In the meantime, since the middle of last week, the SHIB price has plunged by 7.75% despite several attempts to break above the $0.00001006 level and remove another zero.
Billions of Shiba Inu destroyed within week
The aforementioned platform shared that over the past week, the joint efforts of the SHIB community and the team of SHIB developers have resulted in a total of 9,414,244,268 Shiba Inu meme coins burned out of the circulating supply.
Daily burn rates have been low this week, apart from one day when the rate skyrocketed by 27,510% thanks to the SHIB team scorching 9,351,444,446 tokens. Over the last 24 hours, the SHIB community has managed to dispose of merely 5,145,310 canine-themed meme coins, with the burn rate hanging around 0%.
Tremendous SHIB burns expected in January
The SHIB team made one more SHIB burn out of the promised ones and destroyed a SHIB lump worth $90,755. Prior to that, in November and December, the team of Shiba Inu developers led by enigmatic Shytoshi Kusama sent four SHIB chunks to dead-end wallets; they carried approximately 8.5 billion Shiba Inu each. Thus, after last week’s mammoth-sized burn, the meme coin’s team eliminated more than 45 billion SHIB.
According to an earlier social media post published by the admin of the Telegram group “Shibarium Tech,” Ragnar, the SHIB team has the intention to destroy 9.25 trillion SHIB. This will be possible by the team switching the burn mechanism from manual mode to an automated one, as was promised in a blog post released at the start of December 2023.
Shiba Inu’s market performance
Since Jan. 11, the second biggest meme cryptocurrency by market capitalization value, SHIB, has seen its price decline by almost 9%, adding a zero again and dropping to the $0.00000956 level. Today, the meme-inspired coin rose by 2.03%, softening the aforementioned large price drop a little.
The decline of SHIB happened as it followed Bitcoin’s fall, when the SEC finally approved spot Bitcoin ETF applications after many years of waiting and debating.