Burn rate of Shiba Inu has demonstrated rise, while billions of SHIB continue to be removed on weekly basis
According to the figures provided by the Shibburn crypto tracker, after the recent SHIB burns, the burn rate has gone up a little. In the meantime, the SHIB army has been burning several billions of SHIB for several consecutive weeks already.
The Shiba Inu price is currently in the green zone, showing a mild rise.
Billions of SHIB destroyed within seven days
A recent Shibburn tweet shows that within the last seven days, the SHIB army set a total of 4,060,596,531 Shiba Inu on fire. This is not the first time over the past month that they have burned several billions of SHIB. On May 29, the weekly burn comprised 2,909,693,938 SHIB. At least one or two billion Shiba Inu have been destroyed (i.e., excluded from the circulating supply) every week within the last four weeks.
As for the daily burns, over the past 24 hours, 159,205,486 SHIB have been burned, raising the burn rate 421%.
HOURLY SHIB UPDATE$SHIB Price: $0.00000863 (1hr 0.52% ▲ | 24hr 1.40% ▲ )
Market Cap: $5,081,658,274 (1.21% ▲)
Total Supply: 589,351,177,085,336
Past 24Hrs: 159,205,486 (420.59% ▲)
Past 7 Days: 4,060,596,531 (-40.16% ▼)
— Shibburn (@shibburn) June 3, 2023
Yesterday, a combined 182,528,847 SHIB were transferred to dead-end addresses with 151,946,848 SHIB shifted in a single transfer. The burn rate was 1,222% up.
Overall, in May, the Shiba Inu community managed to get rid of 15,369,335,177 SHIB coins. Still, neither regular burns nor the recent launch of Shibarium beta Puppynet has had any significant impact on the SHIB price.
Whales grab 100 billion SHIB within days
As reported by U.Today earlier, based on data from IntoTheBlock, this week, large holders of crypto, widely known as whales in the crypto community, acquired a staggering 100 billion Shiba Inu coins.
Still, these addresses are likely to include those linked to crypto exchanges, which likely means that the whales might be preparing to sell their meme coins when a chance comes, putting selling pressure on the second biggest meme coin SHIB.