The weekly burn rate for Shiba Inu (SHIB) has increased dramatically, reaching 6,478%. This sharp increase is brought about by the SHIB token’s explosive burn rate, which also sparks investor fervour and thrusts the dog-themed token into the limelight of the cryptocurrency market.
The weekly burn rate increased by 6,478.69% to 14,238,113,469 SHIB tokens during the last seven days, according to the Shibburn X account.
Nevertheless, with just 68,972,347 SHIB tokens burnt in 10 transactions during the previous day, the daily burn rate dropped.
The day before the last saw a total of 13.6 (13,610,153,841) billion SHIB consumed, which contributed to the increase in the weekly burn rate.
https://x.com/shibburn/status/1766705591882227913?s=20
The SHIB team burnt enormous sums of SHIB, BONE, and LEASH in four transactions over the weekend, resulting in the enormous 13.6 billion SHIB stash.
9,649,108,480 SHIB and 3,814,893,910 SHIB were destroyed in two deals, while 19,550 BONE and 28,762 LEASH were burned in two more transactions.
Shiba Inu epic week
Shiba Inu has seen an incredible week, increasing by about 300% to reach highs of $0.00004575. Shiba Inu began a recovery from lows of $0.00002375 on February 26 and recorded considerable gains for the second week in a row after that.
With a market worth of $20.74 billion, Shiba Inu is the tenth largest cryptocurrency by market capitalization and has also made a comeback into the top 10.
With over 8,400 addresses, Shiba Inu peaked at 21,000 new addresses per day, about 20 times the average daily number in February, according to IntoTheBlock. The platform had a great start to March. With 3.88 million addresses, Shiba Inus have also broken previous records.
As of this writing, SHIB had dropped 1.42% to $0.000035 during the previous day. The next objective for SHIB, if it manages to remain above this level, is the $0.00004 to $0.000045 level, when 29,260 addresses purchased 3.48 trillion SHIB at an average price of $0.000042, based on statistics from IntoTheBlock.
