#Shiba Inu Continues Downtrend Despite 170 Million SHIB Burned In A Week

 

Binance Future Signals  - https://binancefuturessignals.com/

Binance Future Signals - https://telegram.me/binancefuturesignal

Free Bitcoin Signals Mobile App -

https://play.google.com/store/apps/details?id=com.signalBroadcaster.FreeBitcoinSignals

We have more than 50000 active members in our Telegram group. We make daily profit through great trading ideas and analysis. Verify all our Trade Statements and be a part of the every growing Crypto trading Signals channel on Telegram in 2023

 Binance Futures, Bybit, Bitfinex, Kucoin, WazirX, Coinswitch, CoinDCX & Bitmex Crypto signals on Telegram in 2023 with an around 80-90% accuracy. All signals are provided by our Experts Team with proper take profit and proper stop loss including leverage & Regular updates are also provided for Traders which ensures they enter and close trades at accurate time

Best Binance Futures, Bybit, Bitfinex, Kucoin, WazirX, Coinswitch, CoinDCX BOT in the crypto world. Our Bot is highly efficient and which execute trades in our live master accounts using our capital. Then through cutting edge technology, our Bot copies all your Signals via Cornix Bot on your Account. It is all automatic without any manual intervention

Over the past week, there has been a significant amount of Shiba Inu (SHIB) burned via transactions. However, despite that, SHIB has continued in a downtrend following in the same direction as the rest of the crypto market. 

SHIB has fallen from a high of $0.0000227 seen on February 27 to trading below $0.0000150 as of March 6. The token hasn’t made any significant move in the past 24 hours despite the burns that have taken place over the same period. 

Shiba Inu Records Huge Burn 

Over the past seven days, the SHIB army burning commitment has led to more than 170 million SHIB tokens being eliminated from the SHIB circulating supply. According to Shibburn, a Shiba Inu burn tracker, there have been a total of 170,718,939 SHIB tokens burned in the past 7 days across 59 transactions. 

The highest weekly burn which happened the day SHIB initially began its current downward trend occurred via an unknown wallet burning 63.86 million SHIB tokens cumulating the total SHIB burned that day to more than 85 million.

Following that, on Friday, the second-highest weekly burn was recorded with a total of 43.19 million SHIB tokens burned that day. Out of the total SHIB burned on Friday, approximately 23 million SHIB were burned in just a single transaction. 

Days after that, the SHIB burn continued with a total of 24,223,415 burned in the past 24 hours via five separate transactions, according to Shibburn. SHIB super store, a SHIB-themed product, burned the most SHIB among the 24-hour burn through its weekly burn event.

Over the past 24 hours, the store reported a total of 9.45 million burned SHIB tokens in just a single transaction. Alongside the burned tokens, the store also reported an additional 9.4 million Shiba Inu tokens distributed to the community as a reward. 

SHIB Continues Downtrend

While the total amount of SHIB burned over the past week is significantly huge compared to the total SHIB burned weeks before, SHIB price has shown less concern except for a continuous downward trend.

Over the past seven days, SHIB has plummeted by 14% down from a high of $0.0000227 seen February 27 to trading just above $0.0000100, at the time of writing down by 1.5%. The token has followed suit with the rest of the crypto market recording sharp declines over the past few days. 

Meanwhile, as of March 5, both SHIB and its governance token BONE appeared in the list of trending cryptocurrencies on Coinmarketcap with SHIB claiming the top spot and BONE emerging in the 10th position.