Over the past week, there has been a significant amount of Shiba Inu (SHIB) burned via transactions. However, despite that, SHIB has continued in a downtrend following in the same direction as the rest of the crypto market.
SHIB has fallen from a high of $0.0000227 seen on February 27 to trading below $0.0000150 as of March 6. The token hasn’t made any significant move in the past 24 hours despite the burns that have taken place over the same period.
Shiba Inu Records Huge Burn
Over the past seven days, the SHIB army burning commitment has led to more than 170 million SHIB tokens being eliminated from the SHIB circulating supply. According to Shibburn, a Shiba Inu burn tracker, there have been a total of 170,718,939 SHIB tokens burned in the past 7 days across 59 transactions.
The highest weekly burn which happened the day SHIB initially began its current downward trend occurred via an unknown wallet burning 63.86 million SHIB tokens cumulating the total SHIB burned that day to more than 85 million.
Following that, on Friday, the second-highest weekly burn was recorded with a total of 43.19 million SHIB tokens burned that day. Out of the total SHIB burned on Friday, approximately 23 million SHIB were burned in just a single transaction.
Days after that, the SHIB burn continued with a total of 24,223,415 burned in the past 24 hours via five separate transactions, according to Shibburn. SHIB super store, a SHIB-themed product, burned the most SHIB among the 24-hour burn through its weekly burn event.
Over the past 24 hours, the store reported a total of 9.45 million burned SHIB tokens in just a single transaction. Alongside the burned tokens, the store also reported an additional 9.4 million Shiba Inu tokens distributed to the community as a reward.
SHIB Continues Downtrend
While the total amount of SHIB burned over the past week is significantly huge compared to the total SHIB burned weeks before, SHIB price has shown less concern except for a continuous downward trend.
Over the past seven days, SHIB has plummeted by 14% down from a high of $0.0000227 seen February 27 to trading just above $0.0000100, at the time of writing down by 1.5%. The token has followed suit with the rest of the crypto market recording sharp declines over the past few days.
Meanwhile, as of March 5, both SHIB and its governance token BONE appeared in the list of trending cryptocurrencies on Coinmarketcap with SHIB claiming the top spot and BONE emerging in the 10th position.
This has proved that though SHIB is in red, it is still considered relevant among the crypto community. Last Friday, NewsBTC reported that Ethereum Whales have shown more interest in Shiba Inu than any other altcoins including Polygon.
Overall, despite SHIB’s downtrend amid its huge burns, with more SHIB burned over time and more demand than supply, SHIB’s price could in return spike more than expected.