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Shiba Inu ($SHIB) is starting the week off with a mix of a positive uptick in its burn rate and a slight slump in price to show a visibly dynamic ecosystem.
Shiba Inu burn rate metric
Data from Shibburn pegs the total number of incinerated tokens at 298,761,752 $SHIB, with a 438.17% jump in the past 24 hours. This burn rate is a decoy, considering the $SHIB burn rate has been growing remarkably over the past week.
Members of the Shiba Inu ecosystem have been proactive with the burning of $SHIB since the start of this year. The collective effort has seen the overall burnt tokens from the initial supply jump to 410,723,397,483,539 $SHIB, leaving a total of 589,276,602,516,460 $SHIB in circulation.
With the Shiba Inu deflationary campaign through massive burning of $SHIB still manual and based on community members’ curiosity, the most significant transaction came from a wallet address with the tag “0xda...f57705,” which burnt a total of 211,489,784 $SHIB tokens. Other large burning transactions spotted on-chain include the 50,000,000 million from 0xdb...2019a and 46,000,000 $SHIB from 0xb23...c460.
Shiba Inu price action
Amid the positivity surrounding the Shiba Inu burning campaign, the price of the meme coin has failed to register a notable gain in 24 hours. At the time of writing, data from CoinMarketCap pegs the price of Shiba Inu at $0.00003426, down by 2%.
The sell-off might be considered a mild correction from the massive uptick, with 25.5% growth over the past week. Shiba Inu is maintaining a solid resilience above the $0.00003 price mark, with the mid-to-long-term target this bull cycle set at breaching its previous all-time high (ATH) and erasing another zero altogether.