Record 1.3 Billion SHIB Burned But Token Price Remains in Decline

AnalysisRecord 1.3 Billion SHIB Burned But Token Price Remains...



Yuri Molchan

Another major amount of Shiba Inu has been destroyed over the last 24 hours but the token shows 12.10 percent weekly drop

Contents

Crypto burn tracker @shibburn has announced that in the past twenty-four hours, a massive sum in SHIB tokens has been removed from circulation – a total of 1,351,643,000 Shiba Inu.

1.3 billion + 100 mln SHIB burned

This amount of meme coins is worth $32,155. According to the list of burn transactions published on the Shibburn website, several consecutive transfers stand out from the rest by their size.

Three transactions burned more than 100 million SHIB, while another three moved between 210 million and 270 million tokens to a dead-end wallet each.

SHIBburned7890hjikbnm_890
Image via Shibburn

After the burn tracker published the tweet about the 1.3 billion SHIB, more tweets came out in the past several hours, notifying the community of more tokens removed from the circulating supply – 55,402,333, 1,000,000, 20,675,909, and 18,674,658 SHIB.

In total, this is adds up to another 95.6 million Shiba Inu.

SHIB price keeps dropping despite frequent burns

Despite regular token burns, SHIB price has been unable to recover its all-time high reached in late October, when it briefly traded at $0.00008845.

Since April 5, the second largest meme token has been dropping from a local high of $0.00002748, having reached a low of $0.00002385 – this is where it is trading as of this writing.

Overall, in the past four days, SHIB has lost 13.22 percent.

SHIB13_22%loss
Image via TradingView



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