Shiba Inu (SHIB) has seen a skyrocketing increase in weekly burn rate, rising by 6,478%. This dramatic growth occurs as the burn rate of SHIB tokens explodes, igniting a frenzy of investor interest and catapulting the dog-themed token into the spotlight of the cryptocurrency market.
According to the Shibburn X account, the past seven days have seen a total of 14,238,113,469 SHIB tokens burned, marking a 6,478.69% increase in the weekly burn rate.
Albeit, the daily burn rate decreased, with only 68,972,347 SHIB tokens burned in 10 transactions for the past day.
Contributing to the jump in weekly burn rate was a total of 13.6 (13,610,153,841) billion SHIB burned on the day before the last.
The massive 13.6 billion SHIB stash comes as the SHIB team burned massive amounts of SHIB, BONE and LEASH in four transactions over the weekend.
Two transactions burned 9,649,108,480 SHIB and 3,814,893,910 SHIB, while another two transactions burned 19,550 BONE and 28,762 LEASH.
Shiba Inu epic week
Shiba Inu just had a phenomenal week, skyrocketing by nearly 300% to highs of $0.00004575. Shiba Inu posted its second consecutive week of significant gains after beginning a comeback from lows of $0.00002375 on Feb. 26.
Shiba Inu has also reentered the top 10, with a market valuation of $20.74 billion, ranking as the 10th largest cryptocurrency by market capitalization.
According to IntoTheBlock, Shiba Inu kicked off March with a bang, attracting over 8,400 addresses to peak at 21,000 daily new addresses, about 20 times the daily average in February. Shiba Inu's total addresses have also hit a new record at 3.88 million.
At the time of writing, SHIB was down 1.42% in the last 24 hours to $0.000035. If SHIB successfully holds above this level, the next target for SHIB is the $0.00004 to $0.000045 level, where 29,260 addresses bought 3.48 trillion SHIB at an average price of $0.000042, according to IntoTheBlock data.