Millions of SHIB Scorched Amid Massive Shiba Inu Metric Plunge

The Shiba Inu community keeps moving $SHIB meme coins out of circulation to reduce the total supply in an attempt to turn this asset into a scarce one.

Over the past week, the $SHIB army has succeeded in burning millions of meme coins. However, there is a negative pivot here as this has pushed an important Shiba Inu metric way down.

Almost 2 million $SHIB gone amid this key $SHIB metric’s crash

Data provided by the Shibburn wallet tracker in a recently published X post reveals that over the past seven days, the $SHIB army has transferred 1,662,665 $SHIB to unspendable blockchain wallets, i.e., burned them.

Despite the significant number of meme coins that got burned, the overall weekly burn rate has collapsed by 92.66%. The biggest single burn this week has been 1,033,449 $SHIB, which was moved to a dead-end wallet roughly five days ago.

The tweet also shows a minor decline in the daily burn rate, minus 0.26% with 69,597 $SHIB destroyed. Updated figures of the Shibburn website reveal that this metric has already moved in green, now showing a 52.23% growth with 106,219 $SHIB coins torched over the past 24 hours.

Overall, a total of 410,752,289,867,556 Shiba Inu coins have been torched out of circulation by now, with 584,696,203,158,754 remaining in the cryptocurrency market.