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Shiba Inu Burns 915 Million SHIB Tokens in Epic Week, Here's Impact

Sun, 07/16/2023 - 11:51
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Tomiwabold Olajide
Week gone by was a historic one
Shiba Inu Burns 915 Million SHIB Tokens in Epic Week, Here's Impact
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According to Shibburn, the past week saw nearly 1 billion SHIB tokens burned. Exactly 915,371,832 SHIB tokens were burned in 139 transactions in the last seven days.

In the last 24 hours, a meager 1,233,806 SHIB tokens were burned in a transaction, causing the daily burn rate to plunge 91.59%.

The week gone by was a historic one following a landmark legal victory for the cryptocurrency industry that sent prices soaring.

The Ripple ruling was the first win for a cryptocurrency company in a case brought by the U.S. Securities and Exchange Commission (SEC).

Shiba Inu could also be said to have had a great week, rebounding into the weekend. A three-day rise that started on Thursday attained intraday highs of $0.0000085 on July 15.

Shiba Inu (SHIB) Posts Surprising Price Gains as Market Declines

At the time of writing, SHIB was down 3.31% in the last 24 hours but remains 6% higher on a seven-day basis.

Epic week

The week saw the reawakening of a giant SHIB whale, which had not made any large transfers for 610 days. This whale might be the largest SHIB holder and controls 10.15% of the total supply, or $756 million worth of SHIB, according to Lookonchain.

On July 13, a giant whale who holds 101.47 trillion SHIB transferred 4 trillion SHIB worth $29.8 million to eight fresh addresses.

Shiba Inu (SHIB) Billionaire Owners Quietly Growing Holdings, This Might Be Reason

In the past week, Shiba Inu lead Shytoshi Kusama took to Twitter to announce the rebranding of the official SHIB website and other SHIB army websites. The redesigned SHIB website was just the start of a scorching summer, according to the official SHIB Twitter account, which also declares the arrival of the "summer of Shibarium."

Adding to the enthusiasm, Kusama uploaded a GIF image of a mobile device with icons for text messages on Twitter. Tagging British music producer Gareth Emery, Kusama wrote, "Ping Gareth Emery," next to the image.

Shiba Inu: Bulls and Bears Battle for SHIB Price Direction

The next Blockchain Futurist Conference, set to take place in Toronto, Canada, from Aug. 15 to 16, 2023, has named Shiba Inu as its official title sponsor.

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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.