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

Shiba Inu’s weekly burn rate has seen a gigantic increase as billions of SHIB are sent to the fiery furnace to be burned.

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%.

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.

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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Tomiwabold Olajide