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Unprecedented Week for Shiba Inu: 6500% Burn Rate Achieved in 24 Hours and Additional Developments
- The burn rate of Shiba Inu (SHIB) increased by over 6500% in the last 24 hours.
- In the previous week, the Shiba ecosystem saw nearly 1 billion tokens burned.
As the Shiba Inu (SHIB) community anticipates the forthcoming launch of Shibarium in August, the past week has been advantageous for the memecoin. Approximately 1 billion SHIB tokens were incinerated in the last week, according to 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
During the past week, an impressive total of 915,371,832 SHIB tokens were burned across 139 transactions. This significant burn rate equates to around 1 billion SHIB tokens eliminated from circulation, reflecting a strong dedication to decreasing the token supply.
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Following the burn of 1 billion SHIB, the daily burn rate reached unprecedented levels. In the last 24 hours, a total of 82,001,708 SHIB tokens were incinerated in just seven transactions, marking an increase of over 6546%. This suggests possible variations in the Shiba Inu token burn pattern.
Shiba Inu (SHIB) Burn Rate (Source: Shibburn)
Additionally, the largest SHIB whale, which had remained inactive for 610 days, became active again on July 13. This significant whale executed a notable transfer of 4 trillion SHIB tokens, valued at $29.8 million, to eight newly established addresses. Notably, this holder possessed 10.15% of the total token supply. This considerable transfer underscored the whale’s impact within the community and highlighted the role of large holders in the project’s development.
A series of occurrences — significant increases in token burns, the resurgence of a major SHIB whale, and the upcoming Shibarium launch — keeps the Shiba community eagerly anticipating the next phase in the project’s progression.
However, the daily trading volume of SHIB experienced a decline of 32.84% in the last 24 hours. At the time of this report, according to CoinMarketCap, the Shiba Inu price stood at $0.000007887, reflecting a decrease of 2.31% over the past 24 hours.
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