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The Shiba Inu community has remained consistent in burning $SHIB tokens. In a week, it sent a whopping 1,748,403,277 $SHIB tokens to the project’s dead wallet.
The burning mechanism is part of the processes that the Shiba Inu uses to maintain stability in its ecosystem. It is a strong measure to reclaim the value of the $SHIB token as it removes more coins from circulation.
Community Burns 1.74B Tokens Through 20 Different Transactions
According to data from the Shiba Inu burning portal, Shibburn, over 1.74 billion $SHIB coins were burned within 7 days. The community completed the burning mechanism for the week through 20 different transactions.
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However, Shibburn disclosed that the Shiba Inu burn rate for the week decreased by 69.48% as against the previous week.
The token burning data for the previous week showed that 3.98 billion $SHIB tokens were sent to the dead wallet. The process was completed through 19 separate transactions by the community.
The 24-hour token burning record has about 11.42 million Shiba Inu coins destroyed. This indicated a drop of 11.21% in the burn rate over the past day.
Furthermore, Shibburn highlights the week’s top 3 $SHIB token burners: Mysterious Wallet, Blaze Token, and $SHIB Super Store.
The Mysterious Wallet is among the top players in $SHIB token burn as it destroyed 11.42 million $SHIB coins through a single transaction.
The wallet has been a major contributor to the $SHIB token-burning mechanism. Besides its massive destruction of $SHIB tokens, the wallet still holds over 335.79 billion $SHIB worth more than $2.96 million.
The prominent Shiba Inu Community-led burn project, $SHIB Super Store, is the next top token burner. It sent about 10.45 million $SHIB tokens to the protocol’s dead wallet on May 8 through a single transaction.
Blaze Token plays the highest contributory role, with the largest number of burned $SHIB tokens for the week. The new token destroyed over 1.69 million $SHIB coins through a single transaction on May 8.
Shiba Inu ($SHIB) Price Action
The Shiba Inu community has kept removing lots of $SHIB tokens from circulation through the burning process. But $SHIB’s value is yet to mark a remarkable recovery.
The entire crypto market has been battling with the influence of the bears pushing most assets’ prices to the bearish zone.
At the time of writing, $SHIB is trading at around $0.00000886, indicating a slight gain of 0.80% over the past 24 hours. Its market cap is $5.22 billion, with a 24-hour trading volume of $96 million. Its 7-day and 30-day price actions indicated a drop of 1.40% and 20.74%, respectively.
Featured image from Pexels, chart from Tradingview.com