SHIB Is Destroyed, And The SHIB Burn Rate Noticeably Increases

The SHIB army works hard to keep burning as much SHIB Burn as it can, but the results are still far from ideal, both in terms of burning this well-known meme token and in terms of the market price performance.

A significant amount of SHIB was burned during the course of the entire weekend. Even yet, the total amount of coins taken out in the end on Sunday was a little lower than it was the day before.

90 million SHIB were burned in the previous week

According to well-known Twitter user Shibburn, during the course of the last 24 hours, the tenacious SHIB army was able to take 18,415,087 meme coins out of circulation. Therefore, the increase in burn rate was just over 36%. This increase seems insignificant in comparison to the 900% increase the day before, but it is still somewhat significant when compared to many drops below zero in the negative previous week.

90,061,737 meme coins total were moved and stored in unspendable wallets during the course of the last seven days. This represents a decrease from the previous week, when just 126 million Shiba Inu were transferred to dead wallets.

There are more opportunities for burning

Both the SHIB price and the canine crypto token’s burn rate have been sharply declining this fall, suggesting a connection between them. The collapse of the FTX exchange and its pocket trading company Alameda Research in early November, which was a major failure in the cryptocurrency market, was what caused the most recent decrease in the SHIB price.

Shiba Inu dropped more than 6% earlier today; the drop began with a few sparse red candles and ended with a single large hourly candle on the chart. SHIB has so far been able to recover a little more than 1% since the decline, and it is currently trading at $0.00000880 vs USDT.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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