Shiba Inu Burn: Billions of SHIB Burned Last Week, Raises Burn Rate

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Shiba Inu Burn: Billions of SHIB Burned Last Week, Raises Burn Rate

Last updated on May 18th, 2024 at 12:00 pm

Shiba Inu Burn – Over the past week, a significant amount of Shiba Inu was burned, with over ten million SHIB burned since Sunday.

Shibburn, a Shiba Inu dedicated burn project reported that nearly four billion SHIB tokens were burned over the past week. Also, the burn rate has gone up significantly over the last 24 hours as the number of SHIB tokens locked away in “inferno” wallets continues to increase.

Shiba Inu burn rate surges by over 38071.39%

According to data from Shibburn, in the last 24 hours, a total of 1,706,999,033 SHIB has been removed by members of the Shiba Inu community. Over the past hour, a single transfer burned 1,695,524,269 SHIB. Significantly, in the last 13 hours, another single transfer burned over 10,455,764 SHIB. Also, several transactions carrying over 1,000,000 SHIB each were burned.

Shiba Inu Burn: Billions of SHIB Burned Last Week

Source: Shibburn

SHIB burn rate increases daily

As noticed on the Shibburn website, the burn rate of Shiba Inu continues to rise as each new day surpasses the previous day. As previously reported, on May 1, the burn rate spiked to 1,400%. Fast forward two days later on May 3, the burn rate increased by 30,940%, burning over 2,005,265,274 Shiba Inu.

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Meme coins suffer price drop

The meme coin season may have been delayed a little as the general meme coin market suffered a significant drop in price over the past weekend. On May 6, Shiba Inu reportedly fell below the $0.00000999 mark and is now $0.000008984 still dropping 5.06%.

The price drop could be related to the fall in the price of Bitcoin. Bitcoin suffered a price drop of over 5.64% last weekend which saw the price falling from $29,664 to $27,915.79 at press time.

In addition, investors withdrew most of their profits over the weekend which caused over $120 million in liquidations. 36crypto previously reported that Pepe’s market cap fell below $1 billion over the weekend.

Furthermore, reports from IntoTheBlock on-chain data aggregator, showed that 10.3 trillion Shiba Inu was accumulated by whales last week. However, the huge purchase did not help the price of SHIB as it keeps dropping at press time.

Shiba Inu price today

According to data from CoinMarketCap, the live price of SHIB is currently $0.000008943. It has a 24-hour trading volume of $146,383,851 USD. Over the last 24 hours, Shiba Inu is down by 5.02%. SHIB is ranked #15 on CoinMarketCap’s chart with a market cap of $5,296,581,612 USD.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.