- Shiba Inu burns over 100 million tokens in a week in a deflationary move.
- The biggest burn took place on Feb 13th, with an unidentified individual burning 39 million SHIB.
- Shib ranks as the 13th largest cryptocurrency, with a market value of $6.9 billion behind Polkadot (DOT).
The Shiba Inu (SHIB) community burned over 98 million tokens last week in a move that contributed to double-digit gains attained by the asset.
98 million SHIB were burned in the last seven days, and in the last 24 hours, the community sent 9 million tokens to a dead wallet. According to information from Shibburn, SHIB holders attained that milestone in 36 separate transactions.
The largest burn, amounting to 39 million SHIB, was on Feb 13, with an unidentified Binance user making the move in seven separate transactions. SHIB Super Store, a regular participant in the burning process, disclosed via Twitter that it had burned over 8.7 million SHIB tokens.
“In the past 24 hours, there have been a total of 9,891,603 SHIB tokens burned and 3 transactions,” tweeted Shibburn, a community-run burn tracker.
The week’s burn leaves SHIB trading at $0.00001342, a 10% gain over the last 12 days. Ranked 13th, SHIB has a market capitalization of $6.9 billion and a 24-hour trading volume of $267 million.
Despite the seemingly impressive burn figures, a closer look indicates that the burn rate has been on a steady decline stemming from lower network activity. Pundits opine that the faltering burn figures may be tied to the absence of a particular use case for the projects and its inability to hop on industry trends.
Fellow meme token Baby DogeCoin (BABYDOGE) gained nearly 60% in a week following as it burned over 81 trillion tokens in 24 hours.
Shibarium could lead to an uptick in SHIB burning
With Shiba Inu’s Layer 2 scalability network Shibarium nearing a full-scale launch, the project’s lead developer Shytoshi Kusama has expressed confidence that the Shibarium could lead to a spike in burn figures. Kusama confirmed via Discord that SHIB tokens running into trillions would be burnt during the release of the layer-2 platform.
According to its MVRV-Z score, SHIB is trading below its market value, with experts predicting room for colossal growth to $0.001 in the coming months.