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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shiba Inu Continues Downtrend Despite 170 Million SHIB Burned In A Week

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Shiba Inu

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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.

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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.

Shiba Inu (SHIB) price chart on TradingView
Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

 

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.

Related Reading

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Shiba Inu Burn Rate Plummets, Are Traders Losing Interest In SHIB?

1 year ago

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.

Featured image from Shutterstock, chart from TradingView.com.
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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