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SHIB Burning Makes Leap, Here's How Much Was Burned Last Week

Mon, 11/07/2022 - 09:43
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Gamza Khanzadaev
Here's how much SHIB was burned last week as Shiba Inu burn rate increases
SHIB Burning Makes Leap, Here's How Much Was Burned Last Week
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A big leap occurred in the SHIB burning process over the weekend. The number of Shiba Inu tokens that dropped out of the total offer stood at 93 million SHIB in one Sunday alone, bringing the burn rate figure to a whopping 5,800%.

SHIB Burn Rate Up 5,800% as Shiba Inu Sets Key Milestone

A total of 187.37 million SHIBs were burned during the past week, equivalent to $2,200 at the token's current price. Considering the monthly burn figures provided by CryptEye of 888.95 million, equivalent to $10,516, it can be said that the past week was not particularly remarkable.

SHIB burning future developments

As noted by U.Today, the SHIB burning process has plateaued since September after the momentum of the last month and a half of summer. At that time, the number of SHIB burns for each month was 4 billion tokens, while now only 2.82 billion SHIBs have been burned for the entire autumn period.

SHIB Burning Extremely Different Since Start of Fall: Details

Meanwhile, since the beginning of September, Shiba Inu as an ecosystem has managed to announce and release the mobile game Shiba Eternity, as well as reveal details on Layer 2 blockchain Shibarium. In the eyes of the developers, both projects will have to be combined and, among other perks, multiply the number of SHIBs burned. Nevertheless, it seems Shiba Inu will finish the year with a plateau in burnouts, but the first half of 2023 promises to be more interesting.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.