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Over Half Billion SHIB Burned in Quiet Shiba Inu Week: Details

Sun, 09/17/2023 - 12:10
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Tomiwabold Olajide
Shiba Inu also saw a 305 billion SHIB inflow in past day
Over Half Billion SHIB Burned in Quiet Shiba Inu Week: Details
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Shiba Inu saw over half a billion SHIB tokens burned in the week gone by, representing a mild increase in its weekly burn rate.

According to Shibburn, in the last seven days, a total of 570,455,129 SHIB tokens were burned in 110 transactions. This amounts to $4,083, and the weekly burn rate is up 71.91%.

However, the past 24 hours saw a decline in the usual daily burns. Since the past day, a total of 86,429,656 SHIB tokens have been burned in 18 transactions. The daily burn rate is down 58.74%, per the Shibburn website.

It has been a relatively quiet week for the crypto market after concerns emerged about FTX liquidating its crypto assets, which are worth nearly $3.4 billion.

Shiba Inu, on the other hand, embarked on a steady rise that began on Monday, Sept. 11, after reaching lows of $0.00000696. Shiba Inu went on to rally for four days in a row before hitting a barrier at $0.00000757.

At the time of writing, SHIB was down 2.14% in the last 24 hours to $0.0000073.

As reported, Shiba Inu developers have initiated the process of renouncing the BONE contract. In a blog post, Shiba Inu developer Kaal Dhairya explains the complexity behind minting the remaining BONE and renouncing its contract. BONE was protected by adding a timelock contract, which is controlled by a decentralized multisig wallet.

The Shiba Inu developer stated that the two-step process of using the timelock contract for BONE has already been started.

Shiba Inu sees 305 billion SHIB inflows

Shiba Inu witnessed a large-holder inflow of 305 billion SHIB on Sept. 16, exceeding the previous day's inflow of 110.82 billion SHIB.

IntoTheBlock's Large Holders Inflow tracks funds flowing into addresses belonging to large holders, such as whales. A surge in large holder inflows could indicate buying activity. According to IntoTheBlock data, SHIB's large holder inflow is up 91.32% in the last seven days.

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Shiba Inu (SHIB) Whales' Inflow Skyrockets by 3,700%, What's Going On?

Large holder netflows are also up 148%, reflecting mild accumulation from Shiba Inu large holders or whales.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.