According to Shibburn data, 37 million meme coins have been removed from circulation through the joint efforts of the Shiba Inu (SHIB) community. Since the launch of the Shibarium testnet at the beginning of last month, there has been a significant increase in the number of SHIBs removed from circulation on a weekly basis.
Almost 40 million SHIBs burned
Overall, a non-critical amount of Shiba Inu was burned: 37,174,819 units. The burning rate decreased by 39% compared to the previous day. Two days ago, an astonishing 1.1 billion SHIB were removed from circulation.
Currently, with Puppynet (Shibarium’s testnet) up and running, 70% of the basic transaction fee paid on BONE is converted to Shiba Inu and removed from circulation. This has significantly accelerated burns overall compared to last year’s autumn and 2023 winter.
Overall, the current burning mechanism of the SHIB does not produce impressive results, as there are still 573,910,445,652,612 Shiba Inu in circulation despite recent increases. So the final burn of 37 million represents only a small fraction of the total supply. In total, about half of the circulating supply is already locked in non-spendable wallets, but it has not affected the price of the popular cryptocurrency.
Meme coin market performance
The second largest meme coin has been trading in the $0.00001100 range with slight up and down movements since Friday last week. Overall, SHIB price saw a huge increase last week as it followed DOGE.
Koinfinans.com As we reported, the Twitter boss changed the social media logo from a blue bird to a Dogecoin logo. The original meme coin price instantly increased by more than 30%.
After the logo was restored, the price dropped 7%. Shiba Inu price is up 8.37%, following DOGE in last week’s rise. However, similar to DOGE, the Shiba Inu tumbled 5.5% after the Twitter logo reversal.
You can follow the current price action here.