Zinger Key Points
- According to a report, since 2021, a staggering total of 410,744,432,366,375 SHIB meme coins have been burned.
- The increase in the coin's value over the week, despite a subsequent drop, suggests that this strategy may be working.
- Get two weeks of free access to pro-level trading tools, including news alerts, scanners, and real-time market insights.
In the past week, the Shiba Inu SHIB/USD community has successfully burned, or permanently removed, 58,303,050 SHIB coins from circulation.
What Happened: According to the Shibburn blockchain tracker, which keeps track of daily and weekly changes in the SHIB burn rate, a significant number of SHIB coins were removed from the market. Despite a notable price increase followed by a drop, SHIB concluded the week 6% higher than its initial value.
The weekly burn rate, however, has decreased by 20.77% compared to the previous week. The daily burn rate also experienced a sharp drop of 95.02%, with less than a million coins (708,198 SHIB) being transferred to unspendable wallets.
On Friday alone, the SHIB burn rate increased by 2,005%, resulting in the permanent removal of 14,279,657 SHIB from circulation. The largest burn transfer on that day was 13,000,911 SHIB.
Also Read: Shiba Inu Burns Skyrocket by 300% Amid Calls for Larger Burns From SHIB Army
According to a report, since 2021, a staggering total of 410,744,432,366,375 SHIB meme coins have been burned, i.e., transferred to unspendable wallets.
Between Wednesday and Friday, SHIB, the second most popular meme-themed cryptocurrency, saw a price increase of approximately 10%, reaching a peak of $0.00001704. However, it has since experienced a drop of 2.7%, currently trading at $0.00001661 per coin.
Why It Matters: The burning of SHIB coins is a strategic move by the Shiba Inu community to reduce the supply of coins in circulation, thereby increasing the value of the remaining coins. This tactic is often used by cryptocurrency communities to create scarcity and drive up the price of the coin.
The significant burn rate reported this week, despite a decrease compared to the previous week, indicates a continued effort by the community to increase the value of SHIB.
The increase in the coin’s value over the week, despite a subsequent drop, suggests that this strategy may be working.
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