CandleFocus

131.2 Million SHIB Torched, But There's Big Catch Here

Author: Content Editor
The Shibburn data tracking platform has reported that the SHIB community has successfully removed SHIB meme coins from circulation, resulting in a 10% drop in the price of SHIB. Over the past seven days, 131,204,000 SHIB have been transferred to a dead-end wallet, but the weekly burn rate has decreased by 67.29%. The daily burn rate is more positive, with a burn rate reading of +69.28%, but the amount of burned SHIB is significantly smaller. The total amount of SHIB transferred to unspendable wallets is 410,742,824,445,039, while 584,120,275,779,942 SHIB continues to circulate on the market. Additionally, a large SHIB holder recently sold 650 billion SHIB, with 400 billion being sent to the Gemini exchange and valued at $9.69 million. The second transaction involved the transfer of 250 billion SHIB, but the destination was not disclosed. Following the drop in Bitcoin's price, SHIB and the overall cryptocurrency market also experienced a brief downturn.

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