Record-Breaking Week for Shiba Inu: 6500% Burn Rate in 24 Hours & More

• The Shiba Inu (SHIB) burn rate surged by over 6500% in the past 24 hours.
• Over the past week, the Shiba ecosystem recorded a burn of nearly 1 billion.

While the Shiba Inu (SHIB) army awaits the upcoming launch of Shibarium in August, the past week proved favorable for the memecoin. Around 1 billion SHIB tokens were burned in the last 7 days, as per the Shibburn portal.

In the last 7 days, there have been a total of 915,371,832 $SHIB tokens burned and 139 transactions. #shib

— Shibburn (@shibburn) July 16, 2023

Over the past week, an astounding 915,371,832 SHIB tokens have been burned in 139 transactions. This massive burn rate represents approximately 1 billion SHIB tokens removed from circulation, indicating a strong commitment to reducing the token supply.

Highlights of Shiba Inu (SHIB)

Following the 1 billion SHIB burn, the daily burn rate soared to new heights. In the last 24 hours, a total of 82,001,708 SHIB tokens were burned in just seven transactions, which surged more than 6546%. This indicated potential fluctuations in the pattern of the Shiba Inu token burn.

In addition, the largest SHIB whale, which had been dormant for 610 days, reawakened on July 13. This giant whale made a momentous move by transferring 4 trillion SHIB tokens, worth $29.8 million, to eight newly-created addresses. Markedly, this holder held 10.15% of the token’s total supply. This significant transfer emphasized the whale’s influence within the community and highlighted the involvement of large holders in the project’s journey.

A series of events — noteworthy surges in token burns, the re-emergence of a giant SHIB whale, and the impending Shibarium launch — keeps the Shiba community on the edge of their seats to witness the next chapter in the project’s evolution.

However, the daily trading volume of SHIB registered a drop of 32.84% in the last 24 hours. At the time of writing, according to CoinMarketCap, the Shiba Inu price was at $0.000007887, 2.31% down over the last 24 hours.

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