Shiba Inu: Community Burns Over 1.8 Billion SHIB Past Week

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Source: U.Today

It is difficult to deny the fact that meme coins, including Shiba Inu, have gained significant prominence. The cryptocurrency realm has welcomed SHIB with open arms. The Shiba Inu community has been working on several developments and projects for the community.

One of the notable developments in the SHIB community is the burn initiative. The burn initiative is a notable effort from the developers to reduce the coins in the circulating supply. This in turn is believed to create scarcity and induce a price spike in the long term. However, the burn rate has been quite fluctuating over time. On certain days, the burn rate spikes, whereas on other days, the burn rate drops.

Also check out: What is Dogecoin (DOGE)? How Did the Meme Coin Frenzy Begin?

In the past week, there has been a significant movement of Shiba Inu coins to inactive addresses, with nearly 2 billion of them being sent. Additionally, one whale burned 1.4 billion SHIB tokens in a single transfer.

One whale sent 1.4 billion Shiba Inu to dead wallet

According to Shibburn, this particular transaction was responsible for the majority of the 1.8 billion SHIB that was burned over the course of the week. Despite the soaring burn rate over the past seven days, the burn rate has currently plummeted. Shibbun data reveals that the burn rate has dropped by 2.8% in the last 24 hours.

Over the past week, there has been a decrease of 40.76% in the burn rate when compared to the previous week. However, it should be acknowledged that a significant portion of the burn is attributed to the burning of 1.4 billion by Wallet -3287ffdeaa.


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