Shiba Inu Burn Rate Increases But Price Keeps Burning But Why?
The Shiba Inu community has continued its fiery transactions in recent days. Recently, more than 27 million SHIB tokens entered the dead wallet in six transactions. Shibburn data shows that one wallet burned 15 million of the total tokens.
SHIB burn tracker Shibburn shared the update on Twitter, revealing the number of tokens burned in the past seven days.
SHIB token burns continue to rise amid market downturn
In accordance the mailburned the Shiba Inu community 1,826,262,961 in seven days. About 24 hours later, on April 21, 27,575,359 million tokens entered the dead wallet.
Of the total tokens, a single wallet burned 15 million SHIBs through two separate transactions. The wallet held 2.26 billion SHIBs before the burn transaction. The first transaction was in total 1,335,461 sent to the dead wallet.
Two hours latersent the wallet a hoot 14,239,888 SHIBs to the dead wallet, hitting the highest burn rate of the day. Due to the massive tokens sent to the wallet, it became the top burner of the day.
Different wallets burned the rest of the tokens in four separate transactions. Due to the massive burn, Shiba Inu’s burn rate shot up 244.69% on April 21st.
Another event that attracted the attention of Shiba Inu investors was the massive accumulation of a whale. One whale in particular, BlueWhale0073, collected 311,998,734 SHIBS in two transactions. At the time of purchase, the whale spent $3,325,906 to collect tokens.
But as many expected, these fires have not yet affected the price of SHIB. As of today, April 22, the crypto market is still bleeding, a trend it started earlier this week. But while prices are falling, developers continue to push out various developments to attract investors into the space.
Network development Push Shiba Inu to the front lines
A notable achievement for the SHIB team is the removal of the token from Binance’s innovation zone to join other controlled and approved assets on the platform. Typically, the world’s largest crypto exchanges place assets in the zone when they have not proven their value.
However, after reviewing SHIB for some time in the innovation zone, Binance has decided that it is worth competing among the best players. It is no longer just a meme coin, but an asset to consider. Shiba Inu lead developer Shytoshi Kusama also hinted that the expected ShibaSwap 2.0 would launch soon.
Meanwhile, have market-wide downward trend has influenced SHIB price trends. The coin is trading in the red while the entire market is bleeding. The 1-hour price stands at a loss of 0.05%, while the 24-hour price shows a loss of 3.6%.
The 7-day SHIB price is down 8.9% at press time. Notably, the downtrend does not affect Shiba Inu tokens alone. BTC and ETH are also down 10.57% and 12.04% respectively in the last seven days.
Featured image from Pixabay and chart from Tradingview
