The Shiba Inu community has shown a strong commitment to reducing the overall token supply in the ecosystem. The Shiba Army aims to boost the value of SHIB by triggering a decline in its supply through an aggressive token-burning mechanism.
So far, the community has burned about 19 million SHIB coins in the last 24 hours. This number takes the total of burned SHIB tokens for the week to over 305.77 million.
Shiba Inu Weekly Burn Hit 305.77M Last Week
According to Shibburn, about 19,175,360 SHIB tokens entered the dead wallet in 24 hours. This burning operation occurred through four different transactions.
Shibburn report showed that SHIB burning increased by over 103% as against the past day, which recorded only 9.40 million SHIB coins through three separate transactions. Also, its community now records 305,775,533 SHIB coins burned over the past 7 days through multiple transactions.
Related Reading: Ripple Vs. SEC Court Update: Will The Ruling Come Next Week?
However, Shibburn.com showed a huge drop in the SHIB burn rate last week. The burn rate dipped by 90.11% in comparison with the previous week. The previous weeks’ data indicated over 1.91 billion SHIB coins were sent to the dead wallet through fifty different transactions.
From the details, an anonymous wallet was the biggest SHIB burner of its latest token-burning week. The wallet moved about 15.57 million SHIB tokens to the dead wallet.
Evolution Of Shiba Inu
The second-largest meme coin, Shiba Inu, has displayed significant evolution in the industry. A blockchain security firm Certik recognized Shiba Inu in its latest Project Scoop edition.
The company stated that Shiba Inu has gradually and impressively metamorphosed from a meme coin to a robust decentralized ecosystem. Certik gave Shiba Inu a security score of 94.30, placing it among the industry’s top most secure crypto projects.
Regarding trading achievement, Shiba Inu is the most traded crypto asset on India’s largest crypto app, CoinSwitch. SHIB took the lead in CoinSwitch’s list of the week’s top 5 most traded assets.
Related Reading: ‘Business Of Ripple Is Selling More XRP Than It Buys’: Forbes Report
Furthermore, the Shiba Inu layer 2 solution Shibarium is creating a buzz in the industry following the performance of the beta testing, and Puppynet currently has about 14,061,648 wallets.
Additionally, it has processed up to 524,919 blocks from its launch period. Notably, the average block time remained unchanged at just 5 seconds. Also, the network has processed over 4.55 million transactions, with a daily average of about 68,782 transactions.
Meanwhile, at the time of writing, SHIB is trading at $0.00001028, indicating a drop of 1.49% over the past 24 hours. It recorded about $128.21 million as the 24-hour trading volume.
Featured image from Pixabay and chart from Tradingview
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Eli Dambel
Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks.
