- 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.
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.
Shiba Inu (SHIB) Burn Rate (Source: Shibburn)
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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