u.today
The $SHIB community continues to make immense effort to reduce the circulating Shiba Inu supply. This time, it has managed to push the daily $SHIB burn rate high up, giving it a 5-digit boost, according to the Shibburn tracking platform.
Meanwhile, the second most popular meme cryptocurrency Shiba Inu is striving to recover after the 10% price drop faced overnight.
$SHIB burns rocket 22,662%
The recent update shared by the above-mentioned source of on-chain data reveals that over the past day, the $SHIB community has managed to dispose of several tens of millions of $SHIB, sending them out of circulation. In total, 37,959,900 $SHIB was transferred to unspendable blockchain wallets and locked there.
The two largest transactions that have taken place in this short period carried 23,571,440 $SHIB and 14,388,459 $SHIB.
Overall, 410,748,614,634,288 $SHIB have been burned already with 584,483,801,633,097 $SHIB continuing to circulate in the market.
As covered by U.Today, over the past week, the community has succeeded in burning a whopping 1.1 billion $SHIB meme coins via the automatic burn portal on Shibarium.
$SHIB plummets 10% in one day
On Friday, $SHIB price began a hard fall which resulted this morning in an almost 10% decline. The meme coin crashed from $0.00001586 to the $0.00001438 mark.
By now, the meme coin has managed to recover 1.82% but was again pushed back down. At the time of this writing, $SHIB is trading at $0.00001438. The price collapse followed the Bitcoin price trajectory on Friday. The world’s largest cryptocurrency lost 3.63%, falling as selling pressure increased as many began to lock in profits after the all-time high reached near the $112,000 level earlier this week.