Millions of SHIB Burned Amid Major Price Correction

Data shared by the Shibburn tracker of burn transactions shows that since last morning, a substantial chunk of meme coins has been destroyed. Meanwhile, the Shiba Inu price continues rebounding after hitting a major high recently.

Close to 30 million SHIB burned to ashes

The aforementioned data source shows that within the last 24 hours, joined efforts of the SHIB army have helped to transfer a total of 28,709,351 SHIB meme coins to an unspendable blockchain address and out of the circulation supply for good. This has been achieved thanks to six transactions targeted at SHIB burn wallets. The largest two of them carried 21,657,489 and 6,824,773 SHIB.Image via Shibburn

Thus, another, albeit small, step toward Shiba Inu becoming a scarce asset has been taken.

SHIB stages major price correction

Over the past two days, the second most popular meme cryptocurrency Shiba Inu has printed a massive decline in price, losing a tremendous 19.20%. The fall recorded over the last 24 hours constituted 13.17% from that value. After a recent peak when SHIB burned two zeros and hit the $0.00003 level, it has by now rebounded to trade at $0.00002811.

The popular meme cryptocurrency has been following the major Bitcoin correction that began after the world’s pioneer crypto hit a new historic peak two days ago, reaching $73,750. By now, Bitcoin has plunged to the $68,321 price mark.