The Shiba Inu community has been in the flame trade for the past few days. More than 27 million SHIB tokens entered the dead wallet in 6 transactions recently. Shibburn data shows that one wallet consumed 15 million of the total tokens.
Shibburn, the SHIB burn tracker, shared an update on Twitter, revealing how many tokens have been burned in the last seven days.
Amid market downtrend, SHIB Token Burns continue to surge
according to postthe Shiba Inu community burned 1,826,262,961 in 7 days. About 24 hours later on April 21st, 27,575,359 Millions of tokens have entered the dead wallet.
Of the total tokens, one wallet burned 15 million SHIB in two separate transactions. The wallet held him 2.26 billion SHIB before the burn transaction.The sum of the first transaction is 1,335,461 were sent to dead wallets.
2 hours laterthe wallet sent 14,239,888 SHIB was sent to the dead wallet, reaching the highest burn rate of the day. It was the top burner of the day as a large amount of tokens were sent to wallets.
Different wallets burned the remaining tokens in 4 separate transactions. Due to the severe burns, the Shiba Inu’s burn rate spiked to 244.69% on his April 21st.
Another event that caught the attention of Shiba Inu investors was the mass accumulation by whales. In particular, his BlueWhale0073 of whales earned him 311,998,734 SHIBS in two transactions. Upon purchase, Whale spent $3,325,906 to collect tokens.
However, as many expected, these burns have yet to affect the price of SHIB.As of April 22, the cryptocurrency market is still bleeding, a trend that began earlier this week. . However, while prices are falling, developers continue to push diverse developments to attract investors to the space.
Network development pushes Shiba Inu to the forefront
A notable achievement of the SHIB team is removing the token from Binance’s innovation zone to join other vetted and approved assets on the platform. Place uncertified assets in the zone.
However, after considering SHIB for some time in the Innovation Zone, Binance decided it was worth competing among the top players.It is no longer just a meme coin, but an asset to consider. Also, Shiba Inu’s lead developer, Shytoshi Kusama, has hinted that his expected ShibaSwap 2.0 will launch soon.
on the other hand, Overall market downtrend influenced SHIB Price trend. The coin is trading at a loss as the entire market is bleeding. The 1 hour price shows a 0.05% loss, while the 24 hour price shows a 3.6% loss.
The 7-day SHIB price is down 8.9% at the time of writing. In particular, the downward trend is not only affecting Shiba Inu tokens. BTC and ETH are also down 10.57% and 12.04% respectively over the past seven days.
Featured image on Pixabay and chart on Tradingview