Over the last week, the Shiba Inu community managed to remove around 50 million SHIB tokens as the daily burns were pretty disappointing last week. However, over the past 24 hours, they succeeded in pushing the burn rate up.
In the meantime, over the weekend, the second most popular dog-themed token saw a large price decline, eliminating the growth it had seen at the end of last week.
SHIB burn rate up 150%
Per data rolled out by the Shibburn data aggregator on its website recently, in the past 24 hours, the Shiba Inu community’s efforts in reducing the SHIB supply resulted in a 149% rise in the SHIB burn rate.
The joint efforts of the community helped send 23,449,143 meme coins to dead-end wallets. The two biggest burn transfers moved 11,693,479 and 9,618,747 Shiba Inu from the supply in circulation.
Feeble weekly SHIB burns
Shibburn also shared the outcome of last week’s efforts made by the SHIB army to diminish the circulating supply of their favorite meme coin. The SHIB army managed to send only as little as 54,938,784 SHIB to unspendable addresses. This amount of meme crypto is worth $796.
In the last 7 days, there have been a total of 54,938,784 $SHIB tokens burned and 26 transactions. #shibarmy
— Shibburn (@shibburn) February 5, 2023
Overall, daily burns last week were marginal, often being less than 10 million coins or even less than 5 million SHIB.
The circulating supply of SHIB currently totals 549,063,278,876,302 SHIB, per data from CoinMarketCap. However, it is bigger, according to figures shared by the Shibburn website: 549,063,278,876,302 SHIB.
SHIB price drops after major rise
Shiba Inu put up a massive 24% rise between Friday, Feb. 3, and Saturday, Feb. 4, jumping to the $0.00001545 level from $0.00001237.
However, after that, the curve of the token’s price began dropping substantially. Taking into account the Sunday rise that softened a hard fall, somehow, SHIB has lost roughly 6% since that Saturday peak by now.
At the time of writing, the meme coin is changing hands at $0.00001452 on the Binance exchange.