U.Today - Data shared by the popular Shibburn wallet tracker has revealed that the Shiba Inu community has made substantial progress in disposing of meme coins over the past day.

Meanwhile, the SHIB price has failed to hold and demonstrated a decline overnight, following the overall crypto market movement.

SHIB burns jump by 3,255%

The data source mentioned above has revealed that over the past 24 hours, a large amount of meme coins have been pushed out of circulation and locked up in unspendable wallets – 29,343,261 SHIB in total.

That was achieved in five transactions, where the two largest ones carried 15,566,450 and 12,970,363. These two transfers comprise 28,526,813 SHIB burned within a single hour.

The smallest burn on this list comprised merely 20,000 SHIB. In the meantime, a much bigger amount of meme coins has been transferred to dead-end wallets over the past week – 103,929,094 SHIB. Still, the weekly burn rate is currently in the red zone, displaying minus 19.54%.

SHIB price 6% down

Overnight, the second-largest meme cryptocurrency, Shiba Inu, shed its earlier gains, losing by now approximately 6% of its value. That downward move took place after the asset managed to stage a more-than-7% rise on Friday, after it was announced that the U.S. president signed an executive order to create a Strategic Crypto Reserve.

However, once it was clarified that nothing except Bitcoin is going to enter it (not even XRP , ADA and SOL mentioned earlier), the situation on the market changed. Besides, "crypto czar" David Sacks announced after the Digital Asset Summit at the White House that the government does not plan to buy any BTC for now. Instead, it will keep the 200,000 Bitcoins it holds now, which were obtained through confiscating assets from the controversial Silk Road darkweb marketplace.

The crypto czar also stated that the government will try to avoid spending taxpayers’ money on crypto and will accumulate Bitcoin in other ways in the future. In light of the news of no Bitcoin purchases coming soon, the price of the pioneer crypto slumped by slightly over 5%, and BTC is trading at $85,930 at the moment. As for SHIB, it is changing hands at $0.00001282 as of this writing.

This article was originally published on U.Today