SHIB Price Collapses as 66 Million Coins Burned Out of Circulation

Data shared by the prominent wallet tracker Shibburn shared in a recent tweet shows that over the past week a substantial amount of SHIB meme coins have been transferred out of circulation — several tens of millions.

Over the past 24 hours, nearly 3 million coins have been burned, and it coincided with a tremendous price decline SHIB faced today.

66 million SHIB locked in unspendable wallets

Shibburn has spread the word about an impressive amount of meme coins that have been burned during the past week thanks to the relentless efforts of the Shiba Inu community. During the past seven days, they have succeeded in removing a total of 66,156,811 SHIB from the circulating supply. Still, the weekly burn rate failed to enter the positive zone and shows a decline of 24.11% compared to the week before.

As for the daily burn rate, it has also declined, dropping by roughly 53% with a tiny 2,859,106 SHIB transferred to unspendable wallets overall. A total of 2,345,678 SHIB were destroyed in a single transaction, according to the data provided by the Shibburn website.

Currently, there are a whopping 584,219,829,029,380 SHIB circulating in the cryptocurrency market — half of the initial quadrillion supply. A total of 410,743,110,252,507 SHIB have been already burned, largely thanks to the Ethereum co-founder and frontman Vitalik Buterin; 5,037,060,718,111 SHIB are currently locked in staking protocols across centralized exchanges and DeFi apps.

SHIB price plummets 9.36%

Today, Jan. 18, the second biggest meme-inspired cryptocurrency Shiba Inu has faced a massive price decline as it crashed by almost 10% from a local daily peak of $0.00002489 and hit $0.00002235. By now, the SHIB price has staged a small recovery of 2.11%, changing hands at $0.00002286.

On Thursday, SHIB printed a 9.19% surge. In both cases, the prominent meme coin has been following the price trajectory of the flagship cryptocurrency Bitcoin.