Shiba Inu community continues on its “crusade” to reduce SHIB supply as much as possible
The SHIB army strives to keep burning as much SHIB as it can; however, the outcome still leaves a lot to be desired both with burning this prominent meme token and with its price performance on the market.
Over the weekend altogether, a massive amount of SHIB was burned. Still, the final sum of coins removed on Sunday was a little smaller than that on the day before.
Burn rate jumps 36%, 90 million SHIB get burned in last week
As reported by prominent Twitter handle Shibburn, during the period of the past 24 hours, the persistent SHIB army managed to remove a total of 18,415,087 meme coins from the circulating supply.
The increase in the burn rate, thus, constituted slightly over 36%. Compared to the 900% surge a day before, this rise looks tiny but is still sort of significant compared to drops below zero in the red several times last week.
Overall, the total amount of SHIB that was transferred and locked in unspendable wallets over the past seven days comprises 90,061,737 meme coins. This is even lower than a week before that, when merely 126 million Shiba Inu were moved to dead wallets.
In the last 7 days, there have been a total of 90,061,737 $SHIB tokens burned and 44 transactions. #shibarmy
— Shibburn (@shibburn) December 11, 2022
More opportunities for burning are seen
The SHIB price seems to be somehow tied to the burn rate of this canine crypto token, as both have been dropping substantially this fall.
The most recent decline of the SHIB price was provoked by the major failure in the crypto market in early November – the collapse of FTX exchange and its pocket trading firm Alameda Research.
Earlier today, Shiba Inu fell over 6%; the fall started with a few small red candles and finished with one big hourly candle on the chart. After the fall, SHIB has so far managed to regain slightly over 1% and is trading at $0.00000880 against USDT on the Binance exchange.
In theory, when a coin becomes cheaper, it is easier to buy and burn, but it remains to be seen if the SHIB army will take that opportunity.