Massive 1,338,380,740 SHIB Gets Burned, Here's What's Happening

Over the past week, the SHIB community has managed to achieve significant progress in removing SHIB meme coins from the supply that is circulating in the market – a ten-figure amount of SHIB has been burned.

As for the daily burns, there has also been a significant rise, though it's only in the four-digit percentage range.

1.3 billion SHIB gets burned within week

According to data provided by the “Shibarium/BONE updates” (@Shibizens) affiliated with the Shiba Inu team, during the past seven days, the SHIB community has succeeded in burning a staggering chunk of meme coins comprising 1,338,380,740 SHIB.

The tweet revealed that this constitutes a 2.10% rise from the week before. The most recent burn took place on July 3 and this transaction moved 12,952,197 SHIB to an unspendable blockchain wallet.

All these burns were conducted through the community burn portal ShibTorch located on the official SHIB website and powered by the layer-2 blockchain network Shibarium. All burns on Shibarium are performed thanks to part of gas fees (paid in BONE tokens) being set aside automatically. Once a certain sum in BONE collects, it gets converted into SHIB and those SHIB coins are sent to dead-end wallets.

Daily burns surge 4,063.59%

More good news is that another SHIB burn tracker, Shibburn, spreads the word about a significant increase in the token burn metric. Over the past 24 hours, the SHIB community has burned enough coins to propel this metric by 4,064%.

That was possible thanks to destroying a total of 13,452,570 SHIB coins. 13,152,197 SHIB from this amount were transferred to an inferno wallet in a single move by an anonymous crypto whale.

SHIB declines after 8.5% spike

Overnight, the price of the second-largest meme cryptocurrency, Shiba Inu, has demonstrated a decline of 4%, losing the $0.00001209 level. This fall happened after a notable price increase of 8.5% on Friday, when SHIB rose from $0.00001115.

Overall, over the past few days, SHIB has been testing the $0.00001201 resistance level and managed to break through it only only Friday but then quickly slumped back. At the time of this writing, the asset is changing hands at $0.00001157.