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Shiba Inu Records Over 1.2 Billion SHIB Burned in 7 Days, 100% Spike From Last Week's Rate

Sun, 08/28/2022 - 12:25
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Tomiwabold Olajide
Recent hours seen several transactions carrying SHIB being burned
Shiba Inu Records Over 1.2 Billion SHIB Burned in 7 Days, 100% Spike From Last Week's Rate
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According to the Shibburn Twitter account, more than 1,214,431,010 SHIB tokens have been burned in the last seven days in over 121 transactions. This represents more than a 100% increase from the amount burned in the past week.

As reported by U.Today, 542 million SHIB, or more than half a billion, were sent to dead wallets in the previous week, adding up to the billions of SHIB burned since the beginning of August.

Recent hours have seen several transactions carrying SHIB being burned, resulting in a slight increase in the burn rate, which was down previously. At the time of publication, the SHIB burn rate was up 5.73%, per the Shibburn website.

More Than Half Billion SHIB Burned in Past Week as Shiba Inu Returns to Whales' Radar

Within the last 24 hours, over 215,346,231 SHIB tokens were burned in 11 transactions. In the last hour, exactly 1 million SHIB tokens were sent to dead wallets in a single transaction.

The SHIB community still finds Shiba Inu burning to be a favorite topic, and they want to see burns reach trillions. As reported by U.Today, ShibaSwap 2.0 and the upcoming Layer 2 Shibarium are both anticipated to play important roles in the hypothesis of burning trillions of SHIB.

Shiba Inu Could Burn at Least 111 Trillion Within Months, Here's How

Leading Shiba Inu developer Shytoshi Kusama stated that burning trillions of Shiba Inu would be a "true community endeavor." According to him, the project is making progress in several directions. While expressing his hope that the timing is optimal, he adds that this might take some time.

SHIB, BONE price action

According to CoinMarketCap, Shiba Inu was trading at $0.0000123 at the time of publication, marginally up in the last 24 hours. There is still slight selling pressure in the market as cryptocurrencies attempt a rebound after Friday's massive sell-off.

Per WhaleStats data, the top 100 ETH whales are currently hodling $148,354,507 worth of SHIB.

The Shiba Inu governance token, BONE, remains up 1.77% at $1.07 against the backdrop of other crypto assets, which mostly traded in the red at press time, given the recent market sell-off.

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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.