The weekly burn rate of Shiba Inu has increased dramatically as billions of SHIB are despatched to be burned in the ferocious furnace.
https://x.com/shibburn/status/1733724973859012965?s=20
8,531,983,464 SHIB tokens have been burnt in 58 transactions during the past seven days. This resulted in a $85,319 total, which shot up the weekly burn rate to 1,517.48%.
More over half a billion SHIB were burnt the week prior. The spike to around 8.5 billion SHIB suggests a 17-fold rise, mostly ascribed to a major burn by Shiba Inu developers in the recently ended week.
After completing the first-ever burn on Shibarium, the SHIB team moved a staggering 8,241,856,589 (8.24 billion) SHIB tokens—or $75,412—to dead wallets in a one transaction.
A 543.5% increase in the daily SHIB burn rate is also being seen; in the previous 24 hours, 34 transactions have burnt 148,026,556 SHIB tokens, for a total of $1,514.
Shiba Inu price action
As of writing, SHIB was down 0.98% over the previous day to $0.0000101. While being relatively quiet throughout the current altcoin season, Shiba Inu has gained by 55% over the previous three months, according to crypto expert Ali.
He said that although there is still space for expansion, SHIB is getting close to a critical resistance area, with over 90,000 addresses owning more than 422 trillion SHIB at $0.000016.
In the last twenty-four hours, Shiba Inu has seen massive moves. In the past few hours, 4,218,953,460,450 SHIB worth $43,372,951 were moved from unidentified whale wallets, according to Whale Alert.
A cache of 4,238,953,460,450 SHIB, valued as $42,219,976, was transferred between wallets on December 8.
