The SHIB community continues to make an immense effort to reduce the circulating Shiba Inu supply. This time, it has managed to push the daily SHIB burn rate high up, giving it a five-digit boost, according to the Shibburn tracking platform.
Meanwhile, the second most popular meme cryptocurrency Shiba Inu is striving to recover after a 10% price drop faced overnight.
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SHIB burns rocket 22,662%
The recent update shared by the above-mentioned source of on-chain data reveals that over the past day, the SHIB community has managed to dispose of several tens of millions of SHIB, sending them out of circulation. In total, 37,959,900 SHIB was transferred to unspendable blockchain wallets and locked there.
The two largest transactions that have taken place in this short period carried 23,571,440 SHIB and 14,388,459 SHIB.
Overall, 410,748,614,634,288 SHIB have been burned already with 584,483,801,633,097 SHIB continuing to circulate in the market.
As covered by U.Today, over the past week, the community has succeeded in burning a whopping 1.1 billion SHIB meme coins via the automatic burn portal on Shibarium.
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SHIB plummets 10% in one day
On Friday, SHIB's price began a hard fall, which resulted this morning in an almost 10% decline. The meme coin crashed from $0.00001586 to the $0.00001438 mark.
By now, the meme coin has managed to recover 1.82% but was again pushed back down. At the time of this writing, SHIB is trading at $0.00001438. The price collapse followed the Bitcoin price trajectory on Friday. The world’s largest cryptocurrency lost 3.63%, falling as selling pressure increased as many began to lock in profits after the all-time high reached near the $112,000 level earlier this week.
