The post Shiba Inu News: 1.3 Billion SHIB Burned This Week—Why Is Price Still Falling? appeared first on Coinpedia Fintech News
Dog-themed cryptocurrency Shiba Inu (SHIB) community has turned up the heat again, burning more than 1.3 billion SHIB tokens in just seven days. While weekly burn activity showed a modest rise, daily burn rates skyrocketed over 4,000%, thanks to a surprise whale move. But despite all this, SHIB’s price saw a 3.4% dip after a recent spike.
So, what’s behind this massive burn, and why is the price still dropping?
SHIB Community Burns 1.3B Tokens
In a strong push to cut down the supply of Shiba Inu tokens, the SHIB community burned 1,338,380,740 SHIB in the past week. This burn is part of the SHIB community’s ongoing effort to keep reducing the number of tokens in circulation by sending them to “dead wallets,” where they can never be used again.
This week’s burn amount is about 2.10% higher than the week before, showing steady progress. One of the latest burns happened on July 3, when 13.1 million SHIB were sent to a dead wallet, making those coins gone forever.
More than 410 trillion SHIBs have already been burned. With strong community support and automatic burns, SHIB could become more scarce and maybe more valuable in the future.
Burn Rate Jumps 4,000%
What’s striking is not just the sheer number of tokens burned, but also the recent surge in daily burn rates. In the last 24 hours alone, the community managed to destroy over 13,152,1970 SHIB, representing a jaw-dropping 4,063% increase compared to previous days.
Much of this came from one anonymous crypto whale, who sent more than 13,152,1970 million tokens to a burn address in a single transaction.
SHIB Price Dip 3.36%
Despite these aggressive efforts to reduce supply, the price of SHIB hasn’t seen the massive boost that many investors were hoping for. As of now, SHIB’s value has dropped by 3.65%, slipping to $0.00001156 level.
Market analysts say that while burning tokens does help reduce supply and build long-term scarcity, it’s not a guaranteed way to boost prices, especially for a coin with such a massive total supply.
