1.74 Billion Burns in One Week: How Meme Coin Price Has Reacted

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Over the past week, the meme coin community has managed to remove a large number of SHIBs from circulation, according to platform Shibburn, which tracks Shiba Inu (SHIB) burns. At the weekend, the price also moved in to make up for recent losses. Here are the details.

Nearly 2 billion SHIB removed from circulation

A total of 1,740,061,669 Shiba Inu have been removed from circulation in the last 7 days. On the other hand, according to the data, this amount is about 70% less than what was burned a week ago. All “burnt” tokens were removed from the circulating supply and locked in unused-dead wallets.

This week was an interesting week for SHIB burning in general. There were several days when the burn rate increased above 30,000% and dropped to zero percent several times.

The amount of meme coins burned in the last 24 hours is 8,029,996 SHIB.

Shiba Inu price action

Last week, SHIB, the second largest meme coin by market capitalization, lost over 13% in its price. However, it managed to experience an increase of 2.36% in the last 24 hours. At press time, the Shiba Inu is trading at $0.00000881. SHIB has yet to “burn” the zero it added recently.

Shiba Inu’s meme coin status

Recently, the rise of meme coin in the market draws attention. The Shiba Inu, on the other hand, has taken a few big steps to avoid being referred to as just a “meme coin.”

Lead developer Shytoshi Kusama has finally launched a beta version of the Shibarium Layer 2 network called Puppynet. So far, more than 14 million wallets have been linked, with millions of transactions executed on this testnet.

Apart from that, SHIB is listed on many crypto exchanges. Binance has even removed the Shiba Inu from the Innovation Zone, where promising tokens are being tested.

You can follow the current price action here.


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