Shiba Inu Burn Momentum Drops as Weekly Burns Decrease

The Shiba Inu (SHIB) ecosystem has been actively conducting token burns, but the frequency and volume of burned tokens can vary. In the previous week, there was a notable surge as the community burned a substantial amount of 4.17 billion SHIB tokens.

According to Shibburn, a total of 4,175,261,803 SHIB tokens were burned in twenty-seven transactions. This marked a significant 53% increase compared to the previous week when 2.73 billion SHIB tokens were transferred to inactive wallets. This surge reflected an upward trend in token burning within the Shiba Inu network. However, this momentum did not carry over to the current week.

Unfortunately, the current week started with a disappointing decline in the burn rate of SHIB tokens, with a significant drop of 96.38% at the time of reporting. As a result, only a modest amount of 4,503,910 SHIB tokens were removed from circulation.

A significant amount of 410,648,951,673,150 SHIB tokens has been burned, resulting in a substantial reduction in the circulating supply of SHIB. This indicates the removal of a considerable number of tokens from the market. However, the community has expressed a desire for even larger token burns.

In addition to the burn rate, the price of the Shiba Inu meme coin has experienced a decline. Like the broader market, the price of SHIB has dropped. Currently, Shiba Inu is trading at $0.00000848 with a 2.08% decrease in daily trading. Consequently, 79% of SHIB holders are currently experiencing losses.

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