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Shiba Inu Sees Epic 1.1 Billion SHIB Weekly Burn First Time in Months

Sun, 08/13/2023 - 10:08
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Tomiwabold Olajide
Shiba Inu burn rate reacts with whopping 760% spike
Shiba Inu Sees Epic 1.1 Billion SHIB Weekly Burn First Time in Months
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According to Shibburn, Shiba Inu has seen a massive 1.1 billion tokens burn in the last seven days. Shibburn reports that in the week just ended, a total of 1,164,755,557 SHIB tokens were burned in 217 transactions. The weekly burn of 1.1 billion SHIB amounted to $12,504.

Notably, this is the largest seen in weeks or months, as the amount burned in previous weeks was mostly in the millions.

Shiba Inu (SHIB) Beats 4,480 Coins as Price Booms, Here's Why

The upper week only saw 304,764,835 SHIB tokens burned, as reported.

Massive burns recorded on Aug. 12 stood taller than other days, contributing significantly to the large increase in weekly burns.

The last 24 hours saw a whopping 751,248,497 SHIB tokens burned in 106 transactions. The SHIB burn rate is reacting positively and is currently up 760%.
Shiba Inu saw an astounding rise in the week gone by as positive indications lined up for the ecosystem. Santiment, an on-chain analytics firm, observed an intriguing historical pattern signal as SHIB and other meme coins decoupled from Bitcoin and other altcoins.

Shiba Inu has topped LunarCrush's AltRank for the second straight week, according to a tweet from the social analytics platform, with the most total social and market activity when compared to the entire crypto market. Shiba Inu surpassed 4,483 coins on the market to take the top spot in AltRank.

Shibarium to burn SHIB; Tangem launches poll

Shiba Inu team member Lucie has shared the core values of the upcoming Layer 2 blockchain Shibarium. According to her, Shibarium's common values include Burn (SHIB specifically), Protect, Help and Grow.

In another piece of burn-related news, "Shibarium 1" shared an important update as regards Tangem wallets. Tangem promised a 5% burn from wallets being sold, now, with more than 1,007 wallets being sold, this amount equals 3,524 USDT.

A poll was launched to determine if this portion of the proceeds will be burned or not. A total of 93.8% of respondents voted in the affirmative, while 2.4% and 3.8% voted for the options "No" and "donation," respectively.

The official Shib Twitter account made a post about this, urging the SHIB community to make their voices heard by participating in the poll.

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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.