SHIB Army Sees Massive Drop in Burn Rates, Here’s What’s Happening to Price

According to a recent tweet issued by the Shibburn account, the SHIB army has not been removing meme coins from circulation actively over the past week and past 24 hours as both burn rates are showing substantial declines.

Meanwhile, the price continues to trade in the $0.000008 range.

SHIB burn rates in red

Data shared in the tweet shows that, within the last 24 hours, the joint efforts of the SHIB army transferred a total of 11,428,571 Shiba Inu meme coins out of circulation, locking them up in dead-end addresses. This entire amount of crypto was moved out of the circulating supply in a single transaction.

This is 11.21% fewer SHIB than were burned during the previous day, when the burn rate was up around 60%, with 12,871,772 Shiba Inu burned.

As for the weekly burn of SHIB, the total amount of these meme coins that has been removed within the past seven days constitutes 1,745,995,969 in total. However, this is nearly 70% less than the SHIB community managed to remove from circulation a week before.

HOURLY SHIB UPDATE$SHIB Price: $0.00000886 (1hr -0.25% ▼ | 24hr 0.65% ▲ )
Market Cap: $5,221,779,685 (0.53% ▲)
Total Supply: 589,361,006,502,394

TOKENS BURNT
Past 24Hrs: 11,428,571 (-11.21% ▼)
Past 7 Days: 1,745,995,969 (-69.51% ▼)

— Shibburn (@shibburn) May 15, 2023

SHIB price performance

Since Saturday, May 6, top meme cryptocurrency Shiba Inu has been showing a major decline, having dropped by more than 11%. That was the day when SHIB “added” the fifth zero to its price.

Since May 11, the second largest meme coin by market capitalization value has been exchanging hands in the $0.00000889 range, often diving lower but then eventually rising again. Therefore, over the past four days, the losses of SHIB have been less than 1%.

SHIB cold wallet features revealed

As reported by U.Today earlier, the Shiba Inu team was building a customized cold wallet to hold SHIB and other digital currencies. Now, more details have been shared by a top member of the dev team.

The cold wallet is being created in cooperation with Tangem, a blockchain firm based in Switzerland. Member of the SHIB team @LucieSHIB has shared that the wallet will be able to work with more than 6,000 cryptocurrencies and will provide its users with access to NFTs, DeFi apps and decentralized exchanges (DEXes). The wallet will be the size of a bank card with no batteries or cables necessary for charging.

The company promises that these wallets will be able to run for at least 25 years, helping to store and transact crypto.