Cetoex News – Shiba Inu, a cryptocurrency that has gained significant recognition as a meme coin, has achieved notable popularity in the cryptocurrency industry. The team behind SHIB has demonstrated their commitment to its growth through various initiatives, including the implementation of the Shiba Inu Burn program.

The burn rate associated with Shiba Inu has garnered attention due to its fluctuating nature. Some days witness significant increases, while others experience declines. However, the burn rate has not been particularly impressive in recent times.

It is worth clarifying that the burn rate experienced a substantial increase of 6900% on June 22. Now, according to Shibburn’s data, the burn rate has surged by 1077% during the last 24 hours.

Shiba Inu burn numbers touch millions

Shibburn data shows that 364,240,559 SHIB has been sent to dead wallets in the last 24 hours. The biggest transaction occurred 23 hours ago in a single transaction. 91,698,204 SHIB were burned in that single transaction, followed by several single- and double digit transactions in the millions.

The four-digit rise in the burn rate has provided the SHIB community with relief from the slumping burn rate over the past few weeks. The surge in burn rate comes at a time when Shiba Inu is performing comparatively better than in the past few days, with over 1.2% gains in the last 24 hours.

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Cetoex News – What has been a tough seven days for the community has continued as the Shiba Inu burn rate has fallen more than 60%, coinciding with the SHIB price plummeting 16% in a single week. Subsequently, the SHIB burn rate had fallen following an uptick that occurred yesterday, culminating in more than 293,566,203 being burned in the last seven days.

Alternatively, the Shiab Inu ecosystem has remained focused on growth amidst the market downturn. Specifically, the development team had introduced the brand new Shibacals, which is the mysterious new physical product offering from the team.

Shiba Inu Continues Down Week

The entire digital asset industry has seen a rather concerning week. Starting with the US Securities and Exchange Commission (SEC) taking enforcement action against both Coinbase and Binance. Subsequently, the entire industry saw a downturn related to regulatory worries.

Moreover, the Shiba Inu burn rate has fallen more than 60% in 48 hours according to Shibburn, as the price of SHIB has dropped more than 16% in a week. A total of 2,602,167 SHIb was burned in that period of time, in a total of three transactions. Representing what has been a rather volatile burn rate for the asset.

Additionally, since June 9th, the performance of the meme coin has been worrisome. Specifically, the second-largest meme coin by market cap has seen its price drop from a $0.00000803 level. Currently, the asset is trading at $0.00000682, representing a 3.76% increase over the last 34 hours. 

The week had spelled bad news all around for the asset, with it dropping a total of 30% since last weekend. However, it has recovered some of its value, with continued recovery a potential reality. Consequently, how the asset performs over the long weekend will be important to observe. 

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Cetoex News – Despite the rise of other meme coins like PEPE and LADYS, Shiba Inu [SHIB] has maintained its momentum. The development of Shibarium has progressed steadily, unaffected by the emergence of these new competitors. Although the price of SHIB has not experienced significant growth, the burn rate of the token has been steadily increasing. In fact, the community successfully burned over 50 million SHIB today, demonstrating a continuous effort to reduce the circulating supply of the asset.

According to Shibburn, the Shib Army transferred approximately 50,188,691 SHIB tokens to inactive or dead wallets. This significant movement of tokens resulted in a remarkable 8627.82% surge in the burn rate.

Today, the top burners in the Shiba Inu ecosystem were an unknown wallet and the SHIB Super Store. The anonymous wallet conducted a single transaction, burning a substantial amount of 39,511,911 SHIB tokens. On the other hand, the SHIB Super Store publicly declared its participation in a community-led burn initiative by sending 10,676,779 SHIB to a dead wallet. These significant burn contributions from both entities reflect a collective effort within the SHIB community. This is being done to reduce the token supply and potentially increase its scarcity.

Shiba Inu community bid adieu to 3 billion SHIB last week. Shibburn further revealed that the community burned a total of 3,054,599,199 SHIB tokens from circulation. This was carried out in the last seven days.

Shiba Inu holders continue to drown in losses despite increased burn efforts

The increase in burns did not reflect on the price of SHIB. The meme coin, at press time, was trading for $0.000008816. After a ‘bloody’ week, the asset was up by 1.40% over the last 24 hours. Nevertheless, the holders of the asset continued to suffer. Data from IntoTheBlock revealed that a whopping 81% of SHIB holders were enduring a loss. A dainty 16.36% were pocketing profits at the asset’s current price.

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Cetoex News – Shiba Inu is a prominent meme coin, earning its place as the second largest meme coin. The team behind SHIB has shown consistent efforts towards its development, as evident from its various developments, such as the Shiba Inu Burn initiative.

The burn rate of SHIB has gained a reputation for its fluctuating nature, with some days experiencing a significant increase while others see a decline. According to Shiba Inu Burn data from Shibburn, the burn rate has soared in the last 24 hours. The burn rate of the dog-themed meme coin has risen by 72196.31%.

1.7 billion Shiba Inu sent to dead wallets

The Shiba Inu community has been anticipating a positive burn rate for a few days. According to the details from Shibburn, over 1,706,999,033 SHIB has been sent to dead wallets. One notable transaction, which occurred three hours ago, sent 1,695,524,269 SHIB to a dead wallet.

The latest frenzy has been that of the meme coins, including Pepe and SHIB. Dune Analytics data revealed that there was over $2.3 billion in meme coin trading volume last week. However, the Shiba Inu price has plummeted in the last 24 hours. The price of SHIB dropped by 8.61% in the last 24 hours.

However, the 24-hour trading volume is up by 64%, indicating that people are buying Shiba Inu coins during the dip. The market capitalization of SHIB has also dropped by 8.99% in the last 24 hours. It is also worth noting that SHIB is 90% down from its all-time high.

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Cetoex News – Shiba Inu is a prominent meme coin, earning its place as the second largest meme coin. The team behind SHIB has shown consistent efforts towards its development, as evident from its various developments, such as the Shiba Inu Burn initiative.

The burn rate of SHIB has gained a reputation for its fluctuating nature, with some days experiencing a significant increase while others see a decline. According to Shibburn data, the burn rate has plummeted over the last seven days.

In the last 7 days, there have been a total of 22,184,222 $SHIB tokens burned and 14 transactions. #shib

— Shibburn (@shibburn) April 30, 2023

Only 22.1 million SHIB burned in the last 7 days

During the last seven days, only 22.1 million SHIB were sent to dead wallets. The burning process occurred in 14 different transactions. The last week has been considerably slow for the burn initiative.

The burn rate over the last week is considerably lower—three times less than that of the past few weeks. Shibburn data also reveals that the burn rate is down by 60.98% in the last 24 hours.

During this period, only 1 million Shiba Inu were sent to dead wallets. The reason for this plummeting burn rate is unclear at the moment. However, the launch of Shibarium is believed to ramp up the burn game.

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Cetoex News – As the last seven days have seen almost 2 billion Shiba Inu sent to dead addresses, 1.4 billion SHIB were burned by one whale in a single transfer. Moreover, Shibburn noted that the single transaction made up most of the 1.8 billion that was burned throughout the last week.

Despite the burning from the mystery wallet, the vital burn rate has remained trending down. Conversely, the number of wallet addresses on Shibarium has reached an impressive milestone. Subsequently, showcasing the growth in utility for the Shiba Inu token

Almost 2 Billion SHIB Burned in Past 7 Days

When it comes to the Shiba Inu token, the burning of the meme coin is a massively important endeavor. Moreover, standing as a focal point of the SHIB Army, recent whale activity has pointed to a bright spot in the recently disappointing burn rate.

Specifically, U.Today reported that one Shiba Inu whale burned 1.4 billion SHIB in a single transfer. Additionally, in the past 24 hours alone, we have seen the burning of 16,009,293 SHIB tokens. Yet, the number has still seen the burn rate fall by more than 8% in the last 24 hours.

The last seven days have seen the burn rate drop by 40.76% when compared to a week prior. Still, it is important to note that nearly all of that was connected to the 1.4 billion burned by Wallet -3287ffdeaa.

Conversely, it was reported by Whale Alert that an anonymous wallet purchased 3,484,812,794,902 SHIB. The transaction cost the specific Shiba Inu whale $40,284,435 but was reported as a possible internal transaction. Currently, Shiba Inu is trading at $0.00001141, which is down 1.96% over the last 24 hours.

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Cetoex News – Shiba Inu has earned its place as a prominent meme coin. The meme coin has also entered the top 20 cryptocurrency list by market cap. The SHIB team has been quite consistent in terms of development. It is evident from the various initiatives from the meme coin team, including the Shiba Inu burn initiative.

The burn rate has earned quite a reputation for its inconsistent nature. The burn rate skyrockets on some days, whereas on other days it plummets. However, according to the latest data from Shibburn, the burn rate has skyrocketed by 30,981% in the last 24 hours. This period witnessed over 1.5 billion SHIB being sent to dead wallets.

With the soaring burn rate today, can the community brace itself for a 2 billion SHIB burn game next week?

Will Shiba Inu burn game destroy 2 billion SHIB next week?

Over the last 24 hours, one single transaction, which occurred nine hours ago at press time, sent 1.49 billion SHIB to dead wallets. The likelihood of such a large volume of SHIB burn events is not unlikely. Perhaps such a high volume of SHIB being sent to dead wallets has happened in the past.

Without the event of such whales sending large volumes of SHIB to dead wallets, an incident of over 2 billion burns happening in the next week is unlikely.

However, despite the rising burn game, the price of SHIB hasn’t been affected much in the last 24 hours. At press time, Shiba Inu is trading at $0.00001107 with no major fluctuations during this period.

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Cetoex News – The Shiba Inu Burn initiative has been one of the most significant developments in the meme coin realm. With over 589,543,507,245,065 SHIB in circulation, the overall goal is to restrict supply, create scarcity, and ultimately aim for a price increase.

Shiba Inu has emerged as one of the most prominent cryptocurrencies since its inception. The burn initiative has often been criticized for its volatile nature. The burn rate has been quite slow in the past few days, failing to gain momentum.

According to Shibburn data, the burn rate has dropped by 11.88% in the last 24 hours, with only 16,737,294 SHIB sent to dead wallets.

Only 16.7 million SHIB sent to dead wallets

The exact reason for the drop in burn rate over the past few days is unclear at the moment. In the last 24 hours, only five transactions were involved in the burn process. One transaction that happened 16 hours ago sent only 1 SHIB to the dead wallet.

From the days of burning millions and billions of SHIB, the burn rate has dropped considerably. The price of SHIB has also been holding up with no major fluctuations. At press time, Shiba Inu is trading at $0.00001112 with no major volatility in the last 24 hours.

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Cetoex News – The Shiba Inu Burn initiative has been one of the most significant developments in the meme coin realm. With over 549,063,278,876,302 SHIB in circulation, the overall goal is to restrict supply, create scarcity, and ultimately force a price increase.

Positively, February started out with respectable burn figures. Shiba Inu burn rate jumped by 10,000% this month as well. The burn rate, like its price, is nevertheless well known for its volatility. The burn rate also spiked by 2300% on Feb 27.

However, the burn rate was not that exceptional in March. The burn rate even touched zero on March 1, 2023. Nevertheless, the burn rate has gained momentum, as it has spiked by 240% in the last 24 hours.

Over 38.5 million SHIB were sent to dead wallets during this period. One notable transaction worth 22 million SHIB happened four hours ago at press time.

Shiba Inu price remains stable

According to CoinMarketCap data, Shiba Inu is trading at $0.00001121 at press time with no major volatility in the last 24 hours. However, the meme coin is down 9.8% in the last seven days and 26% in the last 14 days.

However, after the launch of Shibarium, the price is expected to spike considerably. Shibarium has also been one of the most-anticipated launches by the Shiba Inu team and was trending on Twitter today as well.

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Cetoex News – One of the most important changes to the meme coin ecology has been the Shiba Inu Burn effort. Considering that there are already 549,063,278,876,302 SHIB in existence, the main objective is to limit supply, produce scarcity, and ultimately force a price hike.

Positively, February got off to a solid start in terms of burn rates. This month, the burn rate for Shiba Inu also increased by 10,000%. Yet, the burn rate is well recognized for its volatility, just like its price.

However, the burn rate has dropped by -100% in the last 24 hours. This is one of the rare moments in the history of SHIB burn.

Zero SHIB burned in the last 24 hours

Such a moment has rarely happened in the burn history of SHIB, where zero SHIB has been sent to dead wallets. Over 6 million SHIB were sent to dead wallets yesterday. It is unclear what this means for the future of SHIB burns.

However, the community expects the burn rate to soar with the launch of Shibarium. At press time, Shiba Inu is trading at $0.00001232, with a 0.53% drop in value over the last 24 hours.

The SHIB community also speculates that the price of the meme coin will spike once Shibarium is launched.

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