Shiba Inu Burn Rate Spikes But Price Continues To Tank, But Why? |


The Shiba Inu community has continued its burning transactions in the past few days. Recently, more than 27 million SHIB tokens entered the dead wallet in six transactions. Shibburn data shows that one wallet burned 15 million out of the total tokens.

The SHIB burn tracker Shibburn shared the update on Twitter, disclosing the number of burned tokens in the past seven days. 

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SHIB Token Burns Continue To Soar Amid Market Downtrend

According to the post, the Shiba Inu community burned 1,826,262,961 in seven days. Around 24 hours later, on April 21, 27,575,359 million tokens entered the dead wallet.

Out of the total tokens, a single wallet burned 15 million SHIBs through two separate transactions. The wallet held 2.26 billion SHIBs before the burn transaction. The first transaction was a total of 1,335,461 sent to the dead wallet. 

Two hours later, the wallet sent a whopping 14,239,888 SHIBs to the dead wallet, hitting the highest burn rate for the day. Due to the massive tokens sent to the wallet, it became the top burner of the day.

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Different wallets burned the rest of the tokens in four separate transactions. Due to the massive burn, Shiba Inu’s burn rate skyrocketed by 244.69% on April 21. 

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Another event that spiked the attention of investors in Shiba Inu was the massive accumulation by a whale. Notably, a whale, BlueWhale0073, amassed 311,998,734 SHIBS in two transactions. At the time of purchase, the whale spent $3,325,906 to gather the tokens. 

However, as many anticipated, these burns are yet to affect the price of SHIB. As of today, April 22, the crypto market is still bleeding, a trend it started earlier this week. But while the prices slump, the developers continue pushing out diverse developments to attract investors into the space. 

Network Developments Push Shiba Inu To The Frontlines

A notable achievement for the SHIB team is the removal of the token from Binance’s innovation zone to join other vetted and approved assets on the platform. Usually, the world’s biggest crypto exchange places assets in the zone when they haven’t proven their worth. 

But after reviewing SHIB for some time in the innovation zone, Binance has decided it is worth competing among the top players. It is no longer a mere meme coin, but an asset to consider. Also, Shiba Inu lead developer Shytoshi Kusama hinted that the anticipated ShibaSwap 2.0 would launch soon.

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Meanwhile, the market-wide downtrend has affected SHIB price trends. The coin is trading in the red as the entire market bleeds. Its 1-hour price stands at a loss of 0.05%, while the 24-hour price shows a loss of 3.6%.

Shiba Inu price slows down on the chart l SHIBUSDT on

The 7-day SHIB price stands at a loss of 8.9% as of press time. Notably, the downtrend is not affecting Shiba Inu tokens alone. BTC and ETH are also down 10.57% and 12.04% in the last seven days, respectively. 

Featured image from Pixabay and chart from Tradingview

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Author: Eli Dambell

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