According to recent tweets from the well-known wallet tracker, Shibburn, it’s been reported that a significant number of SHIB meme coins have left circulation over the last week – approximately tens of millions worth.
During the last 24-hour period, approximately 3 million tokens were destroyed, which occurred alongside a steep drop in Shiba Inu‘s price.
66 million SHIB locked in unspendable wallets
Over the last week, Shibburn has shared news about a significant number of meme coins being destroyed due to the hard work of the Shiba Inu community. In this timeframe, they’ve managed to take out a total of 66,156,811 SHIB from circulation. However, the weekly burn rate didn’t increase positively and showed a decrease of 24.11% compared to the previous week.
Concerning the daily burn rate, it has decreased significantly, dropping approximately 53% or about 2,859,106 SHIB being moved to inaccessible wallets in total. Notably, a single transaction destroyed 2,345,678 SHIB as indicated by data from the Shibburn site.
1-hour SHIB update:
SHIB Current Price: $0.00002268 (Down by -0.11% in the last hour | Down by -6.01% in the past 24 hours)
Market Cap: $13,373,586,788 (Decreased by -5.96% in the past 24 hours)
Total Supply: 589,256,889,747,492Tokens Burned:
In the last 24 hours: 2,859,106 (Down by -52.96% in the past 24 hours)
In the past 7 days: 66,156,811 (Decreased by -24.11% in the past 7 days)— Shibburn (@shibburn) January 18, 2025
At present, a staggering 584 quintillion 29 billion 380 million Shiba Inu coins are in circulation within the cryptocurrency market, which represents half of its initial supply set at a quadrillion. Out of this total, approximately 410 quintillion 252 billion Shiba Inu tokens have already been destroyed, primarily due to Ethereum co-founder Vitalik Buterin’s efforts. Furthermore, nearly 5 quintillion 377 million Shiba Inu coins are currently being held in staking platforms across centralized exchanges and DeFi applications.
SHIB price plummets 9.36%
On January 18th, Shiba Inu, the second-largest cryptocurrency inspired by memes, experienced a significant drop in value. It plummeted nearly 10% from its daily high of $0.00002489 to reach $0.00002235. However, it has since seen a minor recovery of 2.11%, currently trading at $0.00002286.
On Thursdays, SHIB experienced a significant jump of 9.19%. Notably, this popular meme coin has been mirroring the price movement of the leading digital currency, Bitcoin.
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2025-01-18 23:12