PakGazette – Data tracking platform Shibburn has revealed that the SHIB community has managed to remove SHIB meme coins from circulation. However, there are nuances to this massive burn that don’t make it look so good.
This coincided with the large SHIB price drop of approximately 10%.
131.2 million SHIB burned last week
The recently posted tweet revealed that over the past seven days, the SHIB community has transferred 131,204,000 SHIB to a dead-end wallet. Even so, the weekly burning rate has plummeted by 67.29%.
As for SHIB’s daily burns, things look more optimistic here in terms of the burn rate reading: +69.28%. However, the number of meme coins burned is 21.8 times smaller and comprises 6,181,175 meme coins. It was achieved thanks to eight burning transactions. The largest burned 2,874,467; 1,701,750; 1,463,776 and 1,000,000 SHIB.
According to Shibburn, so far, a total of 410,742,824,445,039 SHIB have been transferred to non-fungible wallets, while 584,120,275,779,942 SHIB are still circulating in the cryptocurrency market.
650 SHIB sold per early whale
As PakGazette previously reported, one of the first cryptocurrency whales, which purchased over 15 trillion Shiba Inu four years ago, sold two massive lots of Shiba Inu, together comprising 650 billion SHIB.
@spotonchain tracked the largest transaction, which carried 400 billion SHIB. The funds were sent to Gemini, the US-based crypto exchange founded by the Winklevoss twins, Tyler and Cameron. The 400 billion SHIB is valued at $9.69 million.
The second transaction was reported by the @lookonchain account when the same initial SHIB investor transferred 250 billion SHIB. The destination was not mentioned. After purchasing 15.2 billion Shiba Inu and recent sales, this whale now owns approximately two billion SHIB worth $48.54 million in fiat money.
SHIB Market Performance
Over the past day, the second-largest dog-themed cryptocurrency stalled by about 10%, losing the $0.00002617 level and landing at $0.00002338. At this point, SHIB has recovered 4.27% and is trading at $0.00002440.
Not only SHIB but the entire cryptocurrency market followed the brief decline of the world’s pioneering cryptocurrency, which fell below $100,000 when Federal Reserve Chairman Jerome Powell announced that the upcoming interest rate cut would constitute only 25 basis points instead of 100 basis points, as expected by the global crypto community.
