The Shiba Inu (SHIB) is slipping in the aftermarket rankings. Meanwhile, Shibburn has burned more than 1.2 million SHIBs in the past week. That’s a 100% increase from last week’s rate.
SHIB slides down the rankings with hard sales
The second largest meme coin, Shiba Inu (SHIB), fell below Polygon (MATIC) and Dai (DAI) on CoinMarketCap. After a nearly 7% drop last week, it is now down to 14th place by market cap. As you follow on Kriptokoin.com, on August 14, the price of the meme coin exploded by more than 30%. Thus, SHIB moved up to 12th place in market capitalization. At this point, Dogecoin also recorded a strong increase. Hence, “Is meme coin season back?” question came to mind. However, that bullish momentum quickly waned.
Veteran trader Peter Brandt recently noted that the SHIB token is a pivotal point after establishing an inverted head-and-shoulder pattern. The meme coin is currently down 33% from its August 14 peak. At press time, it’s changing hands at $0.00001235 on the Binance exchange.
Meanwhile, the meme coin fell 64%, making it one of the biggest rests of the year. Also, the token has lost 85.70% of its value compared to October. For comparison, Dogecoin has performed even worse, erasing 91.27% of its gains since last May. Despite the poor price performance, the Shiba Inu apparently managed to maintain an active community that continues to grow. The official account of the token recently surpassed the original meme coin, Dogecoin, in number of followers.
Shibburn continues to burn…
According to the Shibburn Twitter account, over 1,214,431,010 tokens have gone to the burn wallet in over 121 transactions in the past seven days. This represents a more than 100% increase from the amount burned last week.
In the last 7 days, there have been a total of 1,214,431,010 $SHIB tokens burned and 121 transactions. #shibarmy
— Shibburn (@shibburn) August 28, 2022
542 million SHIB, or more than half a billion, were sent to dead wallets in the previous week. These add to the billions of SHIB burned since the beginning of August. In the last hours, there have been several transactions where SHIB has been burned. This resulted in a slight increase in the burning rate, which had fallen before. At press time, the SHIB burn rate increased by 5.73%, according to Shibburn. In the last 24 hours, more than 215.346,231 tokens have been burned in 11 transactions. In the last hour, exactly 1 million tokens went to dead wallets in a single transaction.
The SHIB community still considers Shiba Inu cremation a favorite topic. In this context, experts expect ShibaSwap 2.0 and the upcoming Tier-2 Shibarium to both play important roles in the trillions of token burning hypothesis. Leading Shiba Inu developer Shytoshi Kusama noted that burning trillions of Shiba Inu would be a ‘true community effort’. According to him, the project is moving in several directions. While he expresses hope that the timing is optimal, he adds that it may take some time.
SHIB price action
According to CoinMarketCap, the Shiba Inu was trading at $0.00001232 at press time. After Friday’s big sell-off, cryptocurrencies attempted a rebound. So there is still a slight selling pressure in the market. According to WhaleStats data, the top 100 ETH whales currently hold $148,354,507 worth of SHIB.
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