The SHIB community has successfully burned 131.2 million Shiba Inu (SHIB) tokens, according to data from the Shibburn tracking platform. This effort aimed to reduce the token’s circulating supply. However, the burn coincided with a 10% drop in SHIB’s market price, raising concerns about its overall impact. Despite the large token removal, the weekly burn rate declined by 67.29%, as revealed in a recent tweet.
Daily Burn Rate Shows Improvement
On a more positive note, the daily SHIB burn rate surged by 69.28%, but the total amount burned was significantly smaller. Only 6,181,175 SHIB tokens were sent to a dead-end wallet through eight burn transactions. The largest burns included 2,874,467, 1,701,750, 1,463,776, and 1,000,000 SHIB tokens, showcasing active community efforts to limit supply.
Since its inception, the SHIB community has transferred a total of 410.7 trillion SHIB tokens to unspendable wallets.
Related article: Shiba Inu Whale Sells 250 Billion SHIB Worth $6.05 Million
Meanwhile, 584.1 trillion SHIB remain in circulation on the cryptocurrency market. These figures highlight the ongoing attempt to control the token’s supply and, by extension, its market value.
Early Whale Sells Massive SHIB Holdings
An early SHIB investor, who initially purchased over 15 trillion SHIB four years ago, recently sold two substantial batches totaling 650 billion SHIB. The larger transaction involved 400 billion SHIB, valued at $9.69 million, which was sent to the Gemini crypto exchange. The smaller batch of 250 billion SHIB was also sold, but its destination remains unknown. After these sales, the whale’s SHIB holdings have dropped to approximately 2 trillion SHIB, worth about $48.54 million.
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SHIB’s price dropped by 10% in the past 24 hours, falling from $0.00002617 to $0.00002338. However, it has since recovered by 4.27%, trading at $0.00002440. This decline followed the broader cryptocurrency market’s reaction to Bitcoin’s sudden plunge. Bitcoin’s drop below $100,000 occurred after Federal Reserve Chair Jerome Powell announced a smaller-than-expected interest rate cut of 25 basis points instead of the anticipated 100 basis points. This shift triggered a ripple effect across the entire crypto market, affecting tokens like SHIB.
While the SHIB community’s efforts to reduce token supply remain active, the impact on price appears mixed. The massive whale sales and broader market trends, including Bitcoin’s decline, have added to the uncertainty surrounding SHIB’s future price movements. The SHIB community’s ability to maintain a steady burn rate and limit major sell-offs could play a critical role in shaping the token’s long-term value.
