The last week was a nightmare for the crypto market and crypto enthusiasts, especially the holders of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Shiba Inu’s price experienced a price depreciation of more than 27% in the past week alone.
On Saturday, SHIB began to lick its wounds from the price of $0.0000174 and gained more than 23% to the price of $0.00002363, but the recovery seems to be stalled, as, at the time of writing, it is trading at the price of $0.00002144 per SHIB, down almost 4% for the day. Compared to the previous session, the 24-hour volume declined more than 38.08% to $1,579,152,566.35.
The recent price fall can be the beginning of the new chapter because more burning of Shiba Inu tokens will take place at lower prices compared to high prices.
The following data confirms that momentum in the burning of tokens has accelerated at lower prices, and it will help SHIB’s worth in the long term.
From the last seven days or since the widespread selloff in the crypto markets began, Shiba Inu has reportedly burned a total of 322,017,069 (322M) SHIB tokens with 80 transactions. This means 125,708,078 more tokens were burned this week than last week, where 196,308,991 (196M) tokens were burned in 7 days.
During the last 24 hours, a total of 64,898,021 (64M) Shib were taken out of circulation forever with ten transactions.
In the past 24 hours, there have been a total of 64,898,021 $SHIB tokens burned and 10 transactions. So far, a total of 410,301,466,995,080 #SHIB tokens (41.03015%) have been burned from the initial supply of 1 quadrillion. #shibarmy
— Shibburn (@shibburn) January 24, 2022
In this way, SHIB becomes successful in burning a total of 410,301,402,097,059 SHIB tokens from its initial supply of 1 quadrillion.