Shiba Inu has continued to make the news due to the myriad of developments within its ecosystem, but one thing is sure, the level of SHIB tokens burn has reached new highs in recent weeks.
In the past week, more than 2 billion SHIB tokens have been removed from circulation and over 185 million SHIB in the past 24 hours. This latest information was recorded by Shiba data analysis platform Shibburn.com.
According to the stats, 1,992,393,933 SHIB was burned via community-led burning initiatives during the week.
Major Shib Burning initiatives
The two major projects that contributed the largest share to Shib burning are ScareCrow and 1Cent.
ScareCrow
ScareCrow is a new token that has gathered a lot of buzz in recent weeks and supports SHIB burn. It uses an automated burn mechanism to burn SHIB and applies a 3% Buy Tax, 8% Normal Sell Tax, and 25% early sell tax on holders that sell Scarecrow tokens within 24 hours of buying.
ScareCrow automatically uses the tax amounts to buy SHIB and burns whenever holders buy or sell tokens. The burn feature has been effective, and on Saturday, 1.24B SHIB tokens were sent to dead wallets through 10 different transactions, according to Shib Burn.
1Cent
1Cent is another token that integrates SHIB burn within its ecosystem. Unfortunately, since its inception less than a month ago, the project has sent 1.16b SHIB tokens to dead wallets, taking them out of circulation.
Shib Price analysis
Despite the developments and burns experienced by Shiba Inu, the memecoin is currently down 2% in the past 24 hours. This is mainly due to the general downturn of the crypto market, and there are expectations that its price will rally in the coming days.
