The Shiba Inu (SHIB) community continues their meme coin burning. According to the latest data provided by Shibburn.com, the meme coin burn rate increased by more than 2,000% overnight. This increase in the burning rate was accompanied by an increase in price. Moreover, it can be said that there is an increase not only in SHIB, but also in the entire market.
If we look at the data in more detail, the meme coin burning rate has increased by 2057 in the last 24 hours, and a total of 40,547,842 (40 million) SHIBs have been removed from circulation. The most notable among burn transactions was the transfer of 31,715,170 SHIB to a dead-unused wallet. In the second largest burning, 5,794,705 Shiba Inu were removed from circulation.
We can say that a significant amount of SHIB burning has been carried out this year. In the past six months, the meme coin community has removed 26,434,092,232.30 SHIB from circulation. During the past month, 1,861,261,930.05 SHIBs have been burned. According to the CryptEye analytical portal, 907,536,441.64 Shiba Inu were removed from circulation as a result of the burning efforts last week. In a year, a total of 38,228,861,576.43 SHIB tokens were sent to unspent wallets. According to the same source, the Shiba Inu gained 16,408 new users last week.
Besides these, the price of the Shiba Inu has increased by over 5% in the last 24 hours and is now trading at $0.000007908. Also, the second-largest meme coin rose from 19th to 18th, where it had fallen before.
XRP Win
The entire crypto industry is celebrating Ripple’s partial win in the XRP lawsuit that has been going on since late December 2020. Judge Analisa Torres explained that institutional XRP sales by Ripple are securities sales, but other XRP sales are not considered securities sales.
This development allowed the XRP price to rise by over 70%. As many crypto fans believe, this is a significant win not just for Ripple, but for the entire crypto space.
You can follow the current price action here.