The meme-inspired cryptocurrency Shiba Inu ($SHIB) has seen its burn rate plunged by nearly 60% over the past month, as the cryptocurrency’s community sent around 380 million tokens, worth little over $6,000, to burn addresses in July.
That’s according to data from Shiba Inu burn tracker Shibburn, which reveals that the monthly burn rate dropped by 58.57% with the daily burn rate reaching a peak of 70 million tokens on July 11.
Shiba Inu has three burn addresses. These are part of the Ethereum network and are also used for other tokens. A burn address is an address that isn’t controlled by anyone, which means that once tokens are sent, they are effectively being removed from circulation.
The meme-inspired cryptocurrency’s burn rate comes after the price of SHIB dropped by around 6.8% over the last 30 days and more than 5% in the past week alone amid a wider cryptocurrency market downturn that saw Bitcoin drop 1.4% in a week to $64,500.
As CryptoGlobe reported, SHIB whales have been accumulating, with on-chain data showing an accumulation among non-exchange whale wallets. The top 150 exchange wallets, according to Santiment, have seen a sharp decline in their SHIB holdings, representing a decrease of 5.53 trillion tokens. Conversely, non-exchange whales have amassed a substantial amount of SHIB during this period, with their holdings growing by roughly 6.57 trillion tokens.
Traditionally, investors store cryptocurrencies on exchanges so these are easily accessible if they want to sell them. Therefore, a decrease in exchange holdings can be interpreted as a decline in the available supply of SHIB for immediate sale.
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