Tech

1.04 Billion Shiba Inu Burned in 7 Days, While Shib Loses 25% Value in a Week

06/13/2022
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1.04 Billion Shiba Inu (SHIB) Burned in the Past 7 Days, While Shiba Sheds 25% of Value in a Week.

Over 131.34 Million Shiba Inu (SHIB) burnt within the Past 24 Hours and 1.04 Billion in the Past 7 Days. 1,055 Bone ShibaSwap (BONE) has also been destroyed by one of the Community-led Burning Projects.

Despite these positive developments, Shiba Inu was unable to retain its critical support level located at $0.00000908 on the 4-hours chart and dipped towards the $0.000008 level, showing a decrease of over 4% in the past 24 hours. Shiba Inu lost 25% of its value in the past 7 days, CoinMarketCap reports.

Data from the tracking platform Shibburn shows that over 1.04 billion Shiba Inu have been incinerated since Monday. 1CENT, one of the tokens dedicated to burning SHIB, has also moved out 1,055 Bone ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem from circulation forever.

Travis Johnson’s SHIB Super Store, ETH SHIBA, and 1Cent token are among the prominent SHIB Burn contributors of the Week. Travis Johnson’s SHIB Super Store was able to organize two back-to-back “Weekly Burn Events”.

According to the tweet posted by Shibburn, an overall 1,046,842,187 (1.04B) Shiba Inu dog-themed tokens have been moved to unspendable wallets in the past 7 days in merely 101 transactions.

Among prominent SHIB Burners, the Game Developer Travis Johnson’s Store burns the most Shiba Inu tokens in a week, whereas ETH SHIBA was the second big Shiba Inu burner, and 1Cent manages to occupy a third spot in the list.

Travis Johnson’s Super Store Weekly Burn Events:

Travis Johnson’s SHIB Super Store has organized two back-to-back “Weekly Burn Events” and was able to incinerate a total of 102 million Shiba Inu tokens via SHIB Burn Portal.

June 7th (Tuesday): Travis Johnson’s SHIB Super Store conducted a burn of 56,024,490 (56.02M), worth $592.

June 12th (Sunday): In the past 24 hours, 46,333,333 (46.33M) SHIB, worth were moved out of circulation forever by the individual SHIB Burn Project in one significant transaction.

The individual SHIB Burn Project has shared a Burn transaction link along with a few screenshots from SHIB Burn Portal with the community via tweet, as a “Proof of Burn”.

In this way, within the last 4 days, the SHIB Super Store project has burned a total of 102,357,823 (102.35M) SHIB, worth $1,010 in two separate transactions.

ETH SHIBA Weekly Burn Event:

ETH SHIBA, one of the tokens dedicated to burning Shiba Inu is recognized as the “Second Top SHIB Burner of the Week”.

On June 8th (Wednesday), the team behind the token organized its Weekly Burn Event through the SHIB Burn Portal. Through this event, the project has moved out a total of 90 million Shiba Inu tokens from circulation forever through one significant transaction.

The team shared “Proof of Burn” in the shape of an Etherscan transaction.

ETH SHIBA token is not an official token of the Shiba Inu Ecosystem. It came into existence at the end of March 2022. In three months period, the token has claimed to burn over 2.44 billion Shiba Inu tokens.

1CENT Weekly BURN EVENT:

1Cent, the only token dedicated to burning the other two of the tokens of the Shiba Inu ecosystem, i.e., SHIB and BONE, organized its Weekly Burn Event on June 6th (Monday). Through this event, the 1Cent token has destroyed a total of 84,331,326 (84.33M) SHIB, worth only $932 in one significant transaction.

At the same time, the project carried out another transaction and moved out a total of 1,055 Bone ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem from circulation forever.

Soon after organizing the Weekly BURN EVENT, the team also updated the total number of Burn SHIB tokens and BONE on its official website. The SHIB Burn Project claims to burn a whopping total of 2,310,099,623 (2.31B) SHIB through 14 separate transactions since March 14th, 2022.

1Cent is the only project that burns not only SHIB but also BONE. The team burnt BONE for the first time on April 25th, 2022. Since then, 1CENT has permanently taken out 42,759 BONE tokens from circulation through 7 separate transactions.

Past 24-Hour Burn:

Besides weekly burns, a total of 131,348,227 (131.34M) SHIB tokens have been permanently removed from circulation by Shiba Inu Community through 11 separate transactions in the past 24 hours.

However, in the past few hours, the burn rate of SHIB dropped significantly, and by now it has decreased by -33.86% as a lot fewer SHIB tokens have been burned.

Impact on SHIB Price:

Despite massive burns being in play from the Community side, Shiba Inu’s price continues to shed its value on a weekly basis. The price of Shiba Inu loses more than 25% of its value in the last 7 days as the dog-themed cryptocurrency was unable to retain its recent support located at $0.00000908 on the 4-hours chart. Following the breakout, Shiba Inu dipped towards the $0.0000080 level while shedding over 4% of its value in the past 24 hours.

At the time of writing, Shiba Inu is trading at the price of $0.000008430, with a 24-hour trading volume of $484,060,890 ($484.06M).

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Source: https://thecryptobasic.com/2022/06/13/1-04-billion-shiba-inu-burned-in-past-7-days-while-shib-loses-25-value-in-a-week/?utm_source=rss&utm_medium=rss&utm_campaign=1-04-billion-shiba-inu-burned-in-past-7-days-while-shib-loses-25-value-in-a-week