Shibburn, a platform tracking Shiba Inu (SHIB) token burns, reported a significant increase in the burn rate over the past week, with billions of tokens removed from circulation. Despite the surge in token burns, SHIB’s price failed to sustain gains above $0.00001 and fell after attempting to remove a zero from its price.
Over the last seven days, a total of 9.41 billion SHIB tokens were burned, with the Shiba Inu team contributing to the incineration of 9.35 billion tokens, causing an 11,618% spike in the burn rate. In the last 24 hours, the community burned only 5.14 million SHIB tokens.
The Shiba Inu team has continued its promised token burns, removing $90,755 worth of SHIB from circulation. Previously, the team led by anonymous developer Shytoshi Kusama sent SHIB to inaccessible wallet addresses in four separate transactions, each moving approximately 8.5 billion tokens, resulting in over 45 billion SHIB tokens burned last week.
An anonymous admin of the leading Shiba Inu Telegram group, Shibarium Tech, mentioned plans to burn 9.25 trillion SHIB tokens, transitioning the burn mechanism from manual to automatic mode, as promised in a blog post from early December 2023.
SHIB, the second-largest memecoin by market value, saw its price drop by approximately 9% since January 11, adding a zero back to its price level at $0.00000956. It has since recovered some of its losses. The price drop followed the broader crypto market’s reaction to the SEC’s approval of the first spot Bitcoin ETF after nearly a decade of anticipation and debate.