- This week, the Shiba Inu community has burnt over $2.9 billion SHIB.
- There were 8 transactions totaling 231,886,112 SHIB tokens burnt in the last 24 hours.
After another large burn of SHIB tokens, the Shiba Inu burn rate skyrocketed in the previous 24 hours, reaching over 1,450 percent. The community took advantage of the meme coin season to speed up the coin’s burn and attract more people to the cryptocurrency.
This week, the Shiba Inu community has burnt over $2.9 billion SHIB, but the price hasn’t moved much since other meme currencies have seen more transactions. Most people think it’s high time for another rally at SHIB.
There were 8 transactions totaling 231,886,112 SHIB tokens burnt in the previous 24 hours, as shown on the Shibburn site. The outcome was an approximately 1500% increase in the SHIB burn rate.
Price Remains Dull
Only two wallets contributed significantly to the burn. Both 16,324,455 and 200,583,666 Shiba Inu tokens were destroyed by the two largest wallets. The total amount of currency in circulation is currently 574.86 trillion, which is still a very large number.
Shibburn has said that they would build a website in June to speed up the burn rate. It will still keep tabs on SHIB burns, but it will also introduce a number of new burn-care features. Affiliate programs and the web3 advertising system provide users the opportunity to earn SHIB.
Meanwhile, Shibarium’s chief developer Shytoshi Kusama and the telegram group admin have also dropped hints of an August mainnet release. Despite the euphoria surrounding PEPE meme currency and the resulting influx of investors into other meme coins, Shiba Inu’s price has remained relatively dull this week.