The SHIB army’s involvement in setting Shiba Inu on fire appears to be waning lately. Shibburn, a cryptocurrency tracking website, recently tweeted that, in contrast to prior weeks, just slightly more than 303 million SHIB meme coins were actually withdrawn over the course of the preceding seven days.
Around 1 billion SHIB were withdrawn from circulation each week in earlier weeks of this month and in March.
Burning almost 1/3 billion Shiba Inu
Shibburn said that during the previous seven days, it has registered the permanent removal of 303,782,158 Shiba Inu tokens from the meme cryptocurrency’s supply. This is 90.17% SHIB less than was transferred to unspendable wallets a week ago, according to the tweet.
The Shiba Inu community has sent 20,215,360 SHIB to “inferno” wallets overall during the last 24 hours.
This time, the burn rate of Shiba Inu is 92% lower than it was yesterday. The total number of SHIB tokens now in circulation, according to the Shibburn website, is 574,056,752,986,739 meme tokens.
SHIB price down 11%
The market value of SHIB, the second-largest meme coin, has been steadily falling over the last three days. Shiba Inu’s price has decreased by 11% from Wednesday, April 19, with numerous large red candles appearing on the hourly chart on April 19, 20, and 21.
Shiba Inu has been emulating Bitcoin, the market leader in cryptocurrencies. The leading cryptocurrency has decreased by around 9% since April 19, down from just above $30,000 to the $27,210 region at the present and declining for the third straight day.
When the CPI in the UK was 10% higher than it was a month earlier on Wednesday, traders speculated that the Bank of England would opt to raise interest rates by 25 basis points in May.
Moreover, Raphael Bostic, the president of the Atlanta Federal Reserve, expressed his belief that interest rates will likely be increased in a similar manner shortly.
