The ‘Dogecoin killer’, Shiba Inu, has recorded an increase in token burn, touching 134 million SHIB burned in the week. What effect is the burn policy having on the price of SHIB?
Shiba Inu: 223,264,370 SHIB tokens burned in the last week
Shiba Inu has increased the burn rate of its tokens, recording a total of 223,264,370 SHIB tokens burned in the past 7 days. Here is the announcement from the Shibburn platform:
In the last 7 days, there have been a total of 223,264,370 $SHIB tokens burned and 51 transactions. #shibarmy
— Shibburn (@shibburn) November 27, 2022
“In the last 7 days, there have been a total of 223,264,370 $SHIB tokens burned and 51 transactions.”
This is a marked increase in burning speed when considering that the previous week, only 106,780,540 SHIB were burned and 29 transactions were made.
This means that the current weekly figure represents a nearly 100% increase in tokens burned in this time frame.
Shiba Inu increases burning: what happens to the price of SHIB?
Usually, the rate of burning experienced by Shiba Inu could affect the price of SHIB, which appears to have had a pump this past week.
In fact, while last Tuesday SHIB was worth $0.000008244, at the time of writing SHIB is worth $0.000009106, even touching in the week the price of $0.000009595.
Nothing like the previous week, where in addition to the slower burning, it appears that SHIB’s price would also lose altitude.
On 15 November, SHIB was worth around $0.000009167 to find itself precisely at a lower value on 22 November.
However, from a monthly perspective, SHIB is still in a bearish trend, as October closed at $0.000012.
The largest SHIB transfer in history and the success of Shib Eternity
Earlier this month, the Whale Alert platform, known for tracking large crypto moves, reportedly recorded what has been called the largest SHIB move in history.
Apparently, the Shiba Inu transaction, executed between two unknown addresses, was the equivalent of $41,730,661.
The meme coin also enjoyed another success with the Shib Eternity game, which was launched only 6 October last year. It is the first use case ever offered by the ‘Dogecoin killer’.
Notably, Shib Eternity is a card game app that has emerged as the most downloaded game on Android and iOS and the 13th most downloaded game overall.