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1.04 Billion SHIB Tokens Burned in 7 Days, but Shiba Inu Price Is Down 30% in a Week

Despite the current situation in the market, the Shiba Inu community seems unmoved as they continue to burn the leading dog-themed cryptocurrency in numbers.

As reported by Shibburn, the platform that tracks all transactions of Shiba Inu (SHIB) to the dead wallets, over 131.34 million SHIB tokens have been burned in the last 24 hours, while 1.04 billion SHIB tokens were destroyed within the last 7 days.

Read Also: Beta Finance Lists Shiba Inu: Users Can Now Lend, Borrow, and Short SHIB On-Chain

1.04 Billion SHIB Burned in 7 Days

According to the tweet posted by Shibburn, a total of 1,046,842,187 SHIB tokens have been moved to inferno wallets in the past 7 days via 101 transactions.

Shibburn tweeted, “In the last 7 days, there have been a total of 1,046,842,187 SHIB tokens burned and 101 transactions.”

Likewise, it’s reported that 1CENT, one of the tokens dedicated to burning SHIB, has destroyed 1,055 ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem.

Travis Johnson’s SHIB Super Store, ETH SHIBA, and 1Cent token are among the major SHIB Burn contributors of the Week. Travis Johnson’s SHIB Super Store was able to organize two consecutive “Weekly Burn Events”.

Read Also: New Record SHIB Burn: 31 Billion Shiba Inu Tokens Destroyed In May

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Shiba Inu (SHIB) in the Market

Due to the current bear market, the impact of the burned tokens has not been felt on the price of Shiba Inu (SHIB). The cryptocurrency has failed to retain its critical support level at $0.00000908 on the 4-hours chart.

At the time of filing this report, SHIB is trading at $0.000007588, with a relatively 16% price downtrend in the last 24 hours and over 30% dip in the last 7 days, according to CoinMarketCap.


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Solomon Odunayo
Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.
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