The Shiba Inu (SHIB) community has burned an impressive 550,878,483 SHIB tokens in the past week. This is part of an ongoing effort to reduce the circulating supply of the meme coin. However, there is a notable nuance to this achievement.
The weekly burn rate has actually decreased by 19.84% compared to the previous week. During that time, over 1 billion SHIB were burned. Despite the drop in the weekly burn rate, the daily burn rate saw a significant spike.
In the past 24 hours, 13,526,731 SHIB were incinerated. This represents a 1,906.84% increase in the daily burn rate. The three most significant burn transactions of the day removed 8,710,589, 3,039,513, and 1,641,320 SHIB from circulation.
Shiba Inu burn rate trends
These tokens were sent to unspendable blockchain wallets. As of the latest update, SHIB is trading at $0.00001137.
This reflects a 0.32% decrease over the last hour and a 3.43% drop over the past 24 hours. The market capitalization of SHIB stands at $6,697,691,461, a 3.43% decline corresponding to the overall market. Since the burning strategy began in 2021, a total of 410,750,102,615,531 SHIB have been removed from circulation.
Ethereum co-founder Vitalik Buterin burned the majority of this after receiving half of the initial quadrillion supply from SHIB’s anonymous founder, Ryoshi. Despite these massive burn rates, approximately 584,526,650,000,203 SHIB continue to circulate in the cryptocurrency market. The community remains committed to reducing the SHIB supply and increasing the token’s scarcity.
The goal is to benefit long-term holders of the meme coin.