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The Shibburn data tracking platform has revealed that the SHIB community has succeeded in removing SHIB meme coins from circulation. However, there is nuance with this massive burn that does not make it look that good.

This coincided with a large SHIB price drop of roughly 10%.

131.2 Million SHIB Burned in Past Week

The recently published tweet revealed that over the past seven days, the SHIB community has transferred 131,204,000 SHIB to a dead-end wallet. Still, the weekly burn rate has plunged by 67.29%.

As for daily SHIB burns, things look more optimistic here in terms of the burn rate reading: +69.28%. However, the amount of burned Shiba Inu meme coins is 21.8x smaller, comprising 6,181,175 meme coins. This was achieved through eight burn transactions. The largest ones burned 2,874,467; 1,701,750; 1,463,776; and 1,000,000 SHIB.

According to Shibburn, by now, a total of 410,742,824,445,039 SHIB have been transferred to unspendable wallets, while 584,120,275,779,942 SHIB keep circulating on the cryptocurrency market.

650 SHIB Sold by Early Whale

As reported by U.Today earlier, an early cryptocurrency whale, who purchased more than 15 trillion Shiba Inu four years ago, sold two massive batches of Shiba Inu, which together comprise 650 billion SHIB.

The bigger transaction, carrying 400 billion SHIB, was tracked by @spotonchain. The funds were sent to Gemini, the crypto exchange founded by the Winklevoss twins, Tyler and Cameron, based in the U.S. The 400 billion SHIB is valued at $9.69 million.

The second transaction was reported by the @lookonchain account as the same early SHIB investor transferred 250 billion SHIB. The destination was not mentioned. After buying 15.2 trillion Shiba Inu and the recent sales, this whale now holds roughly two trillion SHIB worth $48.54 million in fiat.

SHIB Market Performance

Over the last day, the second largest canine-themed cryptocurrency has dropped approximately 10%, losing the $0.00002617 level and landing at $0.00002338. By now, SHIB has recovered by 4.27% and is trading at $0.00002440.

Not only SHIB, but the whole cryptocurrency market followed the brief plunge of the world’s pioneer cryptocurrency, Bitcoin, as it crashed below $100,000. This was triggered by Fed Chair Jerome Powell's announcement that the upcoming interest rate cut would constitute only 25 basis points rather than 100 basis points, as was expected by the global crypto community.

This article was originally published on U.Today