Shib Inu's Notable Statistic Propels Over Two Million Meme Cryptocurrencies
In the cryptocurrency world, the price of Shiba Inu (SHIB) has seen a 13% decrease over the past week, currently trading at $0.00001226 per coin. This comes amidst a broader market decline, with Bitcoin, the largest cryptocurrency, demonstrating an 8.32% drop over the past week and trading at slightly under $114,000 at press time.
Over the past 24 hours, the price of SHIB has experienced a further 3.22% decline. However, a significant event has taken place that may offer some solace to SHIB holders. A whale, moving 3 trillion SHIB ($38 million) off Coinbase Institutional into cold storage, caused a notable token burn. This burn resulted in a 2,196% increase in the SHIB burn statistic, with approximately 1.6 million SHIB tokens being burned during this period.
This token burn activity has led to a 2,196.63% increase in the number of SHIB tokens burned over the past 24 hours. The largest amount of SHIB burned today amounts to 1,192,392 SHIB tokens. Additionally, the SHIB community has transferred 1,606,561 Shiba Inu tokens to unspendable blockchain addresses over the past 24 hours.
Despite the positive impact of the token burn on the supply side, the weekly SHIB token burn has shown a 29% tumble. A total of 72,264,101 SHIB tokens have been burned this week.
It's worth noting that the press time market capitalization of SHIB is not mentioned in the provided text. Furthermore, the press time trading volume of SHIB is also not available. However, last Thursday saw the price of SHIB reach a local top of $0.00001417.
As always, it's crucial for investors to conduct thorough research and consider their own risk tolerance when investing in cryptocurrencies. The market is volatile and can change rapidly, so staying informed and vigilant is key.
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