Data shared by the Shibburn portal has revealed a massive plunge in the daily SHIB burn metric, as it has declined by nearly 100%.
The amount of meme coins burned this time is tiny and is not even as high as 100,000 SHIB. This considerable decline comes after an opposite weekend, in which tens of millions of Shiba Inu were burned by the community. This also aligns with the general volatility rise in the crypto market on the whole at the moment.
SHIB burns stall, dropping by 100%
The aforementioned data source revealed that over the past 24 hours, the Shiba Inu community’s burn activity has faced a substantial drop, with only 20,176 SHIB torched overnight. As a result, the daily SHIB burn rate shows a drop of 99.88%.
In stark contrast to Monday, a day before Shibburn registered two large transactions of meme coins to unspendable wallets — 73,527,022 SHIB and 10,335,917 SHIB. Both burns were conducted by anonymous cryptocurrency users from unknown wallets.
The past week was not the biggest for the SHIB community in terms of the amount of Shiba Inu coins burned. The largest batches of meme coins sent to dead-end wallets contained 10,000,000 SHIB and 15,882,343 SHIB four and five days ago, respectively, according to the Shibburn website.
Overall, by now the SHIB army has managed to dispose of 410,754,474,679,250 SHIB in total since early 2021. In May of that year, the mysterious creator of SHIB, known as Ryoshi, sent half of the initial quadrillion SHIB supply to the Ethereum leader Vitalik Buterin as a sign of gratitude; SHIB was created on the Ethereum blockchain. Buterin decided that the best thing to do was to burn nearly all of that SHIB gift.
However, the SHIB community continues to gradually reduce the remaining SHIB supply by small burns like these. The goal is to make this meme coin as scarce as is necessary to make its price go parabolic in the future.
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SHIB price crashes 15% in past week
Since Wednesday last week, the popular meme-inspired coin Shiba Inu has demonstrated a drastic price decline of more than 15%. SHIB reached a local high of $0.00000654 and has gradually come down to $0.00000552 by now.
On this trajectory, SHIB made two powerful attempts to recover and has hit the $0.00000552 level for the third time since Wednesday, with this level now acting as a solid support zone.