Over the past week, the SHIB community has made significant progress in burning tokens, reaching 1.3 billion SHIB. This article discusses the details of this achievement and its impact on the market.
Overall SHIB Token Burn Volume
According to data from “Shibarium/BONE updates” (@Shibizens), the SHIB community has burned 1,338,380,740 SHIB over the past seven days, representing a 2.1% increase from the previous week. The most recent burn occurred on July 3, when 12,952,197 SHIB was moved to an unspendable blockchain wallet.
Daily Burn Metrics
The burn tracker Shibburn reported a significant surge in token burn activity. Over the past 24 hours, the community burned 13,452,570 SHIB, reflecting an increase of 4,064%. A large portion of this amount, specifically 13,152,197 SHIB, was transferred by an anonymous crypto whale in a single transaction.
SHIB Price Dynamics
The price of the Shiba Inu token fell by 4%, now trading at $0.00001157, after a notable increase of 8.5% on Friday. At that moment, SHIB was testing the resistance level of $0.00001201 but quickly slumped back after briefly breaking through it.
The results of the SHIB token burns demonstrate community activity and a drive to enhance market performance. Despite price fluctuations, community efforts may influence the long-term prospects and viability of the token.
