Community Burned 1.04 Billion Shiba Inu in 7 Days as SHIB Slumps 25%

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The Shiba Inu community has disposed of over 131.34 Million SHIB in the past 24 hours, and about 1.04 Billion has been sent to dead wallets in the past week. In addition, the community-led burning project has also destroyed over 1,055 Bone ShibaSwap (BONE). 

However, the memecoin did not retain its value in the market capitalisation. The coin stood at $0.00000908 on the 4-hours chart and fell around $0.000008, showing a decrease of over 4% in the past 24 hours. CoinMarketCap reported that the SHIB token lost 25% of its value in the past seven days.

Shibburn.com also noted that holders have disposed of over 1.04 billion SHIB since Monday. Furthermore, 1CENT, one of the tokens dedicated to burning SHIB, has also moved out 1,055 Bone ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem, from circulation forever.

Travis Johnson’s SHIB Super Store, ETH SHIBA, and 1Cent token remain part of the prominent SHIB Burn contributors of the Week. Travis Johnson’s SHIB Super Store also organised two consecutive “Weekly Burn Events”.

Shibburn, the SHIB burning tracking platform, posted a tweet on its official handle stating that 1,046,842,187 (1.04B) tokens have been moved out of circulation in the past seven days via 101 transactions.

Top SHIB Burners

Travis Johnson’s Store burnt the most tokens in the past week, followed by ETH SHIBA in second place, while 1Cent stood third among the top SHIB burners.

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Travis Johnson’s Super Store Weekly Burn Events

Travis Johnson’s SHIB Super Store recently organised two consecutive “Weekly Burn Events” and was able to dispose of 102 million Shiba Inu tokens through the SHIB Burn Portal.

Travis Johnson’s SHIB Super Store burnt off 56,024,490 (56.02M), worth $592, on 7 June. Furthermore, in the past 24 hours, 46,333,333 (46.33M) SHIB worth were moved out of circulation forever by the individual SHIB Burn Project in one significant transaction.

The individual SHIB Burn Project shared a Burn transaction link and a few screenshots from SHIB Burn Portal with the community via tweet as a “Proof of Burn.”

So far, within the last four days, the SHIB Super Store project put out a total of 102,357,823 (102.35M) SHIB, worth $1,010 in two separate transactions.

ETH SHIBA Weekly Burn Event

ETH SHIBA is currently the “Second Top SHIB Burner of the Week”.

On 8 June, the team behind the token organised its Weekly Burn Event through the SHIB Burn Portal. As a result, the event saw the project move out 90 million SHIB coins from circulation forever through one significant transaction.

The team shared “Proof of Burn” in the shape of an Etherscan transaction.

ETH SHIBA token came into existence at the end of March 2022, and the token has claimed to burn over 2.44 billion SHIB tokens in three months.

1CENT Weekly BURN EVENT

1Cent is the only token dedicated to burning the other two tokens of the Shiba Inu ecosystem (SHIB and BONE). So far, 1Cent organised its Weekly Burn Event on 6 June and destroyed 84,331,326 (84.33M) SHIB, equivalent to $932 in one significant transaction.

At the same time, the project conducted another transaction and moved out a total of 1,055 Bone ShibaSwap (BONE), the governance token of the Shiba Inu ecosystem, from circulation forever.

After the Weekly Burn Event, the team updated the total number of Burn SHIB tokens and BONE on its official website. In addition, the SHIB Burn Project burned a whopping total of 2,310,099,623 (2.31B) SHIB through 14 separate transactions since 14 March 2022.

1Cent is the only project that disposes of SHIB and BONE. As a result, the team burnt BONE for the first time on 25 April 2022. Since then, 1CENT has permanently removed 42,759 BONE tokens from circulation through 7 separate transactions.

131.34 Million Shiba Inu Tokens Removed in the Past 24-Hour Burn

Besides weekly burns, 131,348,227 (131.34M) SHIB tokens have been taken out from circulation by the ShibArmy through 11 separate transactions in the past 24 hours.

However, the burn rate has reduced significantly. Currently, the decline rate stands at -33.86%, signifying that fewer tokens have been burned.

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Impact on SHIB Price

Shiba Inu’s price is experiencing a continuous drop despite the massive burns from the ShibArmy. The token has lost more than 25% in the past week and dipped to $0.0000080 while losing over 4% in the past day.

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