Shiba Inu (SHIB) Torches Monstrous 298 Million Tokens, Price Fails to Soar

Shiba Inu (SHIB) is starting the week off with a mix of a positive uptick in its burn rate and a slight slump in price to show a visibly dynamic ecosystem.

Shiba Inu burn rate metric

Data from Shibburn pegs the total number of incinerated tokens at 298,761,752 SHIB, with a 438.17% jump in the past 24 hours. This burn rate is a decoy, considering the SHIB burn rate has been growing remarkably over the past week.

Members of the Shiba Inu ecosystem have been proactive with the burning of SHIB since the start of this year. The collective effort has seen the overall burnt tokens from the initial supply jump to 410,723,397,483,539 SHIB, leaving a total of 589,276,602,516,460 SHIB in circulation.

With the Shiba Inu deflationary campaign through massive burning of SHIB still manual and based on community members’ curiosity, the most significant transaction came from a wallet address with the tag “0xda…f57705,” which burnt a total of 211,489,784 SHIB tokens. Other large burning transactions spotted on-chain include the 50,000,000 million from 0xdb…2019a and 46,000,000 SHIB from 0xb23…c460.

Shiba Inu price action

Amid the positivity surrounding the Shiba Inu burning campaign, the price of the meme coin has failed to register a notable gain in 24 hours. At the time of writing, data from CoinMarketCap pegs the price of Shiba Inu at $0.00003426, down by 2%.

The sell-off might be considered a mild correction from the massive uptick, with 25.5% growth over the past week. Shiba Inu is maintaining a solid resilience above the $0.00003 price mark, with the mid-to-long-term target this bull cycle set at breaching its previous all-time high (ATH) and erasing another zero altogether.

Source