Blockchain wallet tracker Shibburn has shared a recent update regarding the recent transactions to dead-end wallets on its website.
A four-digit increase in token burns has been achieved after the recent activity of the SHIB community.
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SHIB burns jump 2,196%
Data published by the aforementioned source has revealed that over the past 24 hours, the community of the second-most-popular meme coin, SHIB, has managed to dispose of a significant amount of tokens. Within the past day, they have transferred 1,606,561 Shiba Inu to unspendable blockchain addresses. This led to an increase of 2,196.63% in this metric. The largest amount of SHIB burned today has been 1,192,392 SHIB so far.
As for weekly burns, a recently published tweet shows a 29% tumble here, while a lot more coins have been torched — 72,264,101 SHIB.
SHIB price tumbles by 13%
Over the past week, the largest cryptocurrency on the market, Bitcoin, has demonstrated a decline of around 8.32%, pulling the whole market along with it. Following Bitcoin’s price trajectory, SHIB has gone down by roughly 13% since last Thursday after reaching a local top of $0.00001417.
At press time, Bitcoin is changing hands slightly under $114,000, and Shiba Inu is trading at $0.00001226. The decline over the past 24 hours has constituted approximately 3.22%.