20,311,173 SHIB Burn Shakes Up Network With Massive Key Index Surge

The Shiba Inu community continues to gradually diminish the circulating $SHIB supply by conducting regular burns. According to fresh data shared by the Shibburn portal, over the past week, a significant portion of these meme coins has been pushed out of circulation for good.

Meanwhile, over the past day, the $SHIB price has displayed a mild decline after failing to continue the 1.9% rise on Friday.

20.3 million $SHIB dissolved from supply

In a recent tweet, the aforementioned blockchain tracker revealed that over the past seven days, the Shiba Inu community has managed to dispose of a substantial meme coin batch as 20,311,173 $SHIB were transferred to unspendable blockchain addresses.

This helped to drive the weekly burn rate by 43.66%, while the daily one has gone down by 97.15% due to a very small amount of $SHIB burned over the past 24 hours. Since last morning, the community has so far managed to burn 69,808 $SHIB.

$SHIB price crashes following Bitcoin drawdown

In the meantime, the price of the prominent meme-themed asset, $SHIB, has dropped mildly, losing 1.67% today. This price decline was likely triggered by Bitcoin’s drawdown as BTC sharply fell by 2.4% on Friday, losing the $113,250 mark and landing at $110,560. It has been moving in that price range so far. The decline happened in a single mammoth red candle on an hourly chart.

$SHIB’s price fall, also marked by a huge red candle, followed a similar rise of 3.83% as the meme coin strove to surpass the $0.00001248 resistance level. At the time of this writing, $SHIB is changing hands at $0.00001225.