The Shiba Inu community has remained consistent in burning SHIB tokens. In a week, it sent a whopping 1,748,403,277 SHIB tokens to the project’s dead wallet.
The burning mechanism is part of the processes that the Shiba Inu uses to maintain stability in its ecosystem. It is a strong measure to reclaim the value of the SHIB token as it removes more coins from circulation.
Community Burns 1.74B Tokens Through 20 Different Transactions
According to data from the Shiba Inu burning portal, Shibburn, over 1.74 billion SHIB coins were burned within 7 days. The community completed the burning mechanism for the week through 20 different transactions.
Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze
However, Shibburn disclosed that the Shiba Inu burn rate for the week decreased by 69.48% as against the previous week.
The token burning data for the previous week showed that 3.98 billion SHIB tokens were sent to the dead wallet. The process was completed through 19 separate transactions by the community.
The 24-hour token burning record has about 11.42 million Shiba Inu coins destroyed. This indicated a drop of 11.21% in the burn rate over the past day.
Furthermore, Shibburn highlights the week’s top 3 SHIB token burners: Mysterious Wallet, Blaze Token, and SHIB Super Store.
The Mysterious Wallet is among the top players in SHIB token burn as it destroyed 11.42 million SHIB coins through a single transaction.
The wallet has been a major contributor to the SHIB token-burning mechanism. Besides its massive destruction of SHIB tokens, the wallet still holds over 335.79 billion SHIB worth more than $2.96 million.
The prominent Shiba Inu Community-led burn project, SHIB Super Store, is the next top token burner. It sent about 10.45 million SHIB tokens to the protocol’s dead wallet on May 8 through a single transaction.
Blaze Token plays the highest contributory role, with the largest number of burned SHIB tokens for the week. The new token destroyed over 1.69 million SHIB coins through a single transaction on May 8.
Shiba Inu (SHIB) Price Action
The Shiba Inu community has kept removing lots of SHIB tokens from circulation through the burning process. But SHIB’s value is yet to mark a remarkable recovery.
The entire crypto market has been battling with the influence of the bears pushing most assets’ prices to the bearish zone.
At the time of writing, SHIB is trading at around $0.00000886, indicating a slight gain of 0.80% over the past 24 hours. Its market cap is $5.22 billion, with a 24-hour trading volume of $96 million. Its 7-day and 30-day price actions indicated a drop of 1.40% and 20.74%, respectively.
Featured image from Pexels, chart from Tradingview.com
Source: https://www.newsbtc.com/shib/shiba-inu-token-burn-hits-1-74-billion-in-one-week-whats-the-current-status/