Millions of Shiba Inu (SHIB) Burned in Week as Burn Rate Climbs 281%

According to Shibburn‘s Twitter account, millions of SHIB were burned in the past week due to community efforts, although this may not be up to expectations.

In the last 7 days, there have been a total of 38,373,239 $SHIB tokens burned and 18 transactions. #shib

— Shibburn (@shibburn) June 18, 2023

In the last seven days, Shibburn reported a total of 38,373,239 SHIB tokens burned in 18 transactions. This falls below last week’s figure of 282,730,986 SHIB.

The amount burned in the last 24 hours was comparatively lesser, with a total of 1,073,047 SHIB tokens burned in two transactions. Meanwhile, the SHIB burn rate is demonstrating an increase of 281%.

The fall in SHIB burns might be due to recent quietness prevalent in the market as the SEC filed lawsuits against the two biggest exchanges, Coinbase and Binance. The lawsuit alleged that some cryptocurrencies, such as ADA, SOL and MATIC, were securities.

After this happened, a few platforms, such as Robinhood and Bakkt, made moves to delist the aforementioned crypto assets; however, Shiba Inu remained spared and continues to trade on these platforms.

Despite this seemingly positive indication, SHIB’s price was not left out of bears’ action as it significantly fell near the levels it currently trades at. At the time of writing, SHIB trades at $0.0000069, up 1.02% in the last 24 hours and up 3.12% since the past week.

SHIB has slipped further in crypto market rankings, now being the 18th largest cryptocurrency with a market valuation of $4.1 billion.

SHIB demonstrates unseen growth

After a drastic drop on June 10, SHIB rebounded to trade in a range as conditions slowly improved. As SHIB gradually recovers from oversold levels, as seen in its daily RSI, a slight uptick is seen.

If a positive close is achieved today, SHIB would mark its fourth consecutive day in green since June 15.

However, despite the lackluster price action seen, Shiba Inu’s percentage of long holders, or “hodlers,” remains significant. IntoTheBlock gives the percentage of holders who have held for over a year as 69%.