20M SHIB Burned as Price Plummets 15.78%, Community Burns Over 410 Quadrillion SHIB

SHIB Community Burns 20M Tokens in Single Transaction

The SHIB community has achieved a significant milestone with the burn of 20,000,000 SHIB in a single transaction. This move, tracked by on-chain data platform Shibburn, removed the tokens from circulation by transferring them to an unspendable blockchain address. The burn was initiated by an anonymous whale who purchased the SHIB and then permanently removed it from the supply.

Daily and Weekly Burn Rates Surge

The SHIB burn rate has seen a notable increase, with the daily burn rate rising by 34.24%. So far today, the community has burned 20,794,281 SHIB. Over the past week, a total of 122,135,883 SHIB has been destroyed. These efforts have contributed to the overall burn total, which now stands at an impressive 410,744,744,227,515 SHIB.

SHIB Price Drops 15.78% Despite Positive Sentiment

Despite the community's progress in reducing the SHIB supply, the token's price has fallen sharply. SHIB is currently trading at $0.00001286, marking a 15.78% decline over the past 24 hours. This drop follows a brief surge of 11.24% on Sunday, triggered by news of the U.S. Strategic Crypto Reserve, which includes top cryptocurrencies like Bitcoin, Ethereum, ADA, XRP, and SOL.

Bitcoin's Volatility Impacts Crypto Market

Bitcoin, which initially soared by over 10% following the announcement, later crashed by 12.18%, dropping from $94,240 to $82,760. It has since recovered marginally, trading at $84,830 at the time of writing. This volatility has had a ripple effect on the broader crypto market, including SHIB.

The SHIB community remains committed to reducing the token's supply, but market fluctuations continue to influence its price dynamics.