Shiba Inu Continues Downtrend Despite 170 Million SHIB Burned In A Week
06 März 2023 - 2:20PM
NEWSBTC
Over the past week, there has been a significant amount of Shiba
Inu (SHIB) burned via transactions. However, despite that, SHIB has
continued in a downtrend following in the same direction as the
rest of the crypto market. SHIB has fallen from a high of
$0.0000227 seen on February 27 to trading below $0.0000150 as of
March 6. The token hasn’t made any significant move in the past 24
hours despite the burns that have taken place over the same
period. Shiba Inu Records Huge Burn Over the past seven
days, the SHIB army burning commitment has led to more than 170
million SHIB tokens being eliminated from the SHIB circulating
supply. According to Shibburn, a Shiba Inu burn tracker, there have
been a total of 170,718,939 SHIB tokens burned in the past 7 days
across 59 transactions. The highest weekly burn which
happened the day SHIB initially began its current downward trend
occurred via an unknown wallet burning 63.86 million SHIB tokens
cumulating the total SHIB burned that day to more than 85 million.
Related Reading: Ethereum Whales More Interested In Shiba Inu Than
Polygon, Here’s Why Following that, on Friday, the second-highest
weekly burn was recorded with a total of 43.19 million SHIB tokens
burned that day. Out of the total SHIB burned on Friday,
approximately 23 million SHIB were burned in just a single
transaction. Days after that, the SHIB burn continued with a
total of 24,223,415 burned in the past 24 hours via five separate
transactions, according to Shibburn. SHIB super store, a
SHIB-themed product, burned the most SHIB among the 24-hour burn
through its weekly burn event. Over the past 24 hours, the store
reported a total of 9.45 million burned SHIB tokens in just a
single transaction. Alongside the burned tokens, the store also
reported an additional 9.4 million Shiba Inu tokens distributed to
the community as a reward. SHIB Continues Downtrend While the
total amount of SHIB burned over the past week is significantly
huge compared to the total SHIB burned weeks before, SHIB price has
shown less concern except for a continuous downward trend.
Over the past seven days, SHIB has plummeted by 14% down from a
high of $0.0000227 seen February 27 to trading just above
$0.0000100, at the time of writing down by 1.5%. The token has
followed suit with the rest of the crypto market recording sharp
declines over the past few days. Meanwhile, as of March 5,
both SHIB and its governance token BONE appeared in the list of
trending cryptocurrencies on Coinmarketcap with SHIB claiming the
top spot and BONE emerging in the 10th position. Related Reading:
Shiba Inu Burn Rate Plummets, Are Traders Losing Interest In SHIB?
This has proved that though SHIB is in red, it is still considered
relevant among the crypto community. Last Friday, NewsBTC reported
that Ethereum Whales have shown more interest in Shiba Inu than any
other altcoins including Polygon. Overall, despite SHIB’s
downtrend amid its huge burns, with more SHIB burned over time and
more demand than supply, SHIB’s price could in return spike more
than expected. Featured image from Shutterstock, chart from
TradingView.com.
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