Shiba Inu community continues on its “crusade” to reduce SHIB supply as much as possible
The SHIB army tries to burn as many SHIBs as they can; However, the results still left a lot to be desired with the burning of this prominent meme token and its price performance on the market.
Over the weekend altogether, a massive amount of SHIB was burned. Still, the final sum of coins removed on Sunday was a little smaller than that on the day before.
Burn rate jumps 36%, 90 million SHIBs burnt last week
As reported by prominent Twitter handle Shibburn, during the last 24-hour period, the relentless SHIB army managed to remove a total of 18,415,087 MEME coins from the circulating supply.
The increase in the burn rate, thus, constituted slightly over 36%. Compared to the 900% surge a day before, this rise looks tiny but is still sort of significant compared to drops below zero in the red several times last week.
Overall, the total amount of SHIB that was transferred and locked in unused wallets in the last seven days, includes 90,061,737 MEME coins. This is less than even a week ago, when only 126 million Shiba Inu were transferred to the dead wallet.
More opportunities for burning are seen
The SHIB price seems to be somehow tied to the burn rate of this canine crypto token, as both have been dropping substantially this fall.
The most recent drop in SHIB value was caused by a major failure in the crypto market in early November – the collapse of the FTX exchange and its pocket trading firm Alameda Research.
Earlier today, Shiba Inu fell over 6%; the fall started with a few small red candles and finished with one big hourly candle on the chart. After the fall, SHIB has so far managed to regain slightly over 1% and is trading at $0.00000880 against USDT on the Binance exchange.
In theory, when a coin gets cheap, it’s easy to buy and burn it, but it remains to be seen whether the SHIB army will take advantage of that opportunity.
