Over Half Billion SHIB Burned in Quiet Shiba Inu Week

Sep 19, 2023 | Memecoin News, Shiba Inu Coin



Over Half Billion SHIB Burned in Quiet Shiba Inu Week

Shiba Inu, the popular meme cryptocurrency, experienced a significant milestone in the past week as over half a billion SHIB tokens were burned. This marked a modest increase in its weekly burn rate, shedding light on the ongoing developments within the Shiba Inu ecosystem.

According to data from Shibburn, a total of 570,455,129 SHIB tokens were burned in 110 transactions over the past seven days, equivalent to approximately $4,083 in value. Notably, this represents a substantial 71.91% increase in the weekly burn rate.

However, the most recent 24-hour period showed a departure from the typical daily burn rates. Within the past day, 86,429,656 SHIB tokens were burned in 18 transactions, indicating a decline of 58.74% in the daily burn rate, according to the Shib burn website.

While the cryptocurrency market experienced relative calm, with concerns arising from FTX’s liquidation of nearly $3.4 billion in crypto assets, Shiba Inu embarked on a steady upward trajectory starting on Monday, September 11, following lows of $0.00000696. Over the subsequent four days, SHIB demonstrated resilience, reaching a hurdle at $0.00000757. At the time of this report, SHIB had experienced a slight 2.14% decrease in the past 24 hours, trading at $0.0000073.

In other developments, Shiba Inu developers have initiated the process of renouncing the BONE contract. Explaining the intricacies behind minting the remaining BONE and renouncing its contract, developer Kaal Dhairya highlighted the use of a time-lock contract controlled by a decentralized multisig wallet. The two-step process for BONE has already been set in motion.

Inflows of 305 Billion SHIB Tokens into Shiba Inu

Furthermore, Shiba Inu witnessed a substantial inflow of 305 billion SHIB on September 16, surpassing the previous day’s inflow of 110.82 billion SHIB. This increase in large-holder inflows, tracked by IntoTheBlock Large Holders Inflow, suggests heightened buying activity within the Shiba Inu ecosystem. Over the past seven days, SHIB’s large holder inflow surged by 91.32%, as reported by IntoTheBlock data.

These developments indicate the ongoing dynamism and interest surrounding Shiba Inu, as it continues to evolve and adapt within the crypto space.

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