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Shiba Inu Weekly Burn Rate Skyrockets 1,517% as Billions of SHIB Burned

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Sun, 10/12/2023 - 11:17
Shiba Inu Weekly Burn Rate Skyrockets 1,517% as Billions of SHIB Burned
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Shiba Inu's weekly burn rate has seen a gigantic increase as billions of SHIB are sent to the fiery furnace to be burned.

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In the last seven days, there have been a total of 8,531,983,464 SHIB tokens burned in 58 transactions. This amounted to $85,319, causing the weekly burn rate to skyrocket to 1,517.48%.

Related
Shiba Inu Sets Fire to Over Half Billion SHIB, Weekly Burn Rate Up 961%

The week before saw over half a billion SHIB burned. The increase to about 8.5 billion SHIB implies a 17-fold increase, which was mostly attributed to a big burn by Shiba Inu developers in the week that just concluded.

The SHIB team completed the first-ever burn on Shibarium, transferring a record-breaking 8,241,856,589 (8.24 billion) SHIB tokens to dead wallets in one transaction, equivalent to $75,412.

The daily SHIB burn rate is also seeing a 543.5% spike, with a total of 148,026,556 SHIB tokens amounting to $1,514 burned in 34 transactions in the last 24 hours.

Shiba Inu price action

SHIB was down 0.98% in the last 24 hours to $0.0000101 at the time of writing. According to crypto analyst Ali, Shiba Inu has increased by 55% in the last three months while remaining relatively quiet during the recent altcoin season.

While there is still room for growth, he stated that SHIB is approaching a key resistance zone, with roughly 90,000 addresses holding over 422 trillion SHIB at $0.000016.

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Shiba Inu (SHIB) Breaks New Record, Here's Why It Matters

Massive transfers have occurred for Shiba Inu in the previous 24 hours. According to Whale Alert, in the last few hours, 4,218,953,460,450 SHIB worth $43,372,951 were transferred from unknown whale wallets.

On Dec. 8, a stash of 4,238,953,460,450 SHIB worth $42,219,976 was moved in between wallets.

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