Shiba Inu Community Burns 341M Coins In A Day Amid SHIB Shifts In Price Position

The SHIB Army has retained its aggressive stance in the token-burning mechanism. The community destroyed about 341 million Shiba Inu coins within 24 hours.

Also, the price of SHIB seems to have gained increased volatility as the meme coin shifted its position among top-ranking crypto assets.

SHIB Army Destroys 341 Million SHIB Tokens

According to data from the Shibburn, the Shiba Inu community completed the latest notable token destruction through five separate transactions. The community sent a total of 341.60 million SHIB to the protocol’s dead wallet within 24 hours.

The biggest burners in the latest SHIB coins destruction are Koyo Token (KOY) and the mysterious wallet. Koyo Token (KOY), a community-driven project, emerged as the overall top SHIB burner in a single transaction. 

The project wallet destroyed about 252.87 million SHIB coins in a single transaction. Data from Shibburn indicated that the transaction occurred on June 2023 at 6:30 PM.

On the other hand, the mysterious wallet moved all its Shiba Inu holdings of 84.40 million SHIB to the protocol’s dead wallet in a single transaction. Notably, the mysterious wallet just recently reappeared after being inactive for almost 2 years.

The latest SHIB destruction is quite remarkable on the ecosystem as it stands as the biggest recorded SHIB burn since June 10. The burn rate has surged by over 6,936.88% within the past 24 hours.

Shibburn tracked that about 211,140,844 SHIB were burned on June 10 through three different transactions. The community did not record any significant burn rate since then till the latest burn in the past 24 hours.

Shiba Inu Makes A Change In CMC Ranking

The second-largest meme coin by market cap made an impressive and unexpected change with its recent price rally.

According to data from CoinMarketCap, SHIB shifted to the 16th top crypto asset against its previous position as the top 18th token.

At the time of writing, SHIB is trading at around $0.00000793, indicating a surge of about 8.1% over the past 24 hours. The market cap grew from $4.28 billion as of June 21 to $4.45 as of June 22.

Following its recent bullish trend, Shiba Inu currently boasts a 7-day price action of over 20%. 

In the early trading hours of today, June 22, SHIB rose to the 14th top crypto asset according to the CMC ranking. 

The meme coin could cross the $0.00000800 price region as the bulls became more forceful in the market. While hitting the 14th position, SHIB outplayed WBTC, TON, and even DAI with its market cap.

Though the price has dipped slightly, the Shiba Inu ecosystem engages in diverse updates that could trigger a more sustainable uptrend.

According to the lead developer Shytoshi Kusama, Shiba Inu rolled out its mysterious product called Shibacals: Authenticated Collectibles. The project is an authentication layer for collectibles that uses NFC chips to digitally authenticate physical items.