During last week, the Shiba Inu SHIB / USD The community has managed to burn or permanently withdraw 58,303,050 shibs traffic parts.
What happened: According to the Shibburn Blockchain Tracker, which maintains a trace of the daily and weekly changes in the shib burning rate, a large number of Shib parts have been removed from the market. Despite a significant price increase followed by a decrease, Shib concluded the week 6% higher than its initial value.
The weekly burning rate, however, decreased by 20.77% compared to the previous week. The daily burns rate also experienced a sharp drop of 95.02%, with less than a million parts (708,190 shib) transferred to indisputable wallets.
Only Friday, the sirmed burn rate increased by 2,005%, resulting in permanent elimination of 14,279,657 traffic salsiors. The biggest burning transfer that day was 13,000,911 priests.
Read also: Shiba Inu Burns skyrocketed 300% in the middle of calls for larger burns in the Shib army
According to a report, since 2021, an amazing total of 410,744,432,366,375 pieces of memes of Shib has been burned, that is to say transferred to indisputable wallets.
Between Wednesday and Friday, Shib, the second cryptocurrency on the theme of the most popular memes, experienced a price increase of around 10%, reaching a peak of 0.00001704 $. However, he has since had a 2.7%drop, currently negotiating $ 0,0000,1661 per room.
Why it matters: The combustion of SHIB parts is a strategic decision of the Shiba Inu community to reduce the supply of coins in circulation, thus increasing the value of the remaining parts. This tactic is often used by cryptocurrency communities to create a rarity and increase the price of the medal.
The significant burning rate reported this week, despite a decrease compared to the previous week, indicates a continuous effort of the community to increase the value of the shib.
The increase in the value of the medal during the week, despite a later drop, suggests that this strategy could work.
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