Home Ethereum Shiba Inu records over 1.2 million SHIB burns in 7 days, a 100% spike from last week’s rate

Shiba Inu records over 1.2 million SHIB burns in 7 days, a 100% spike from last week’s rate

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Shiba Inu records over 1.2 million SHIB burns in 7 days, a 100% spike from last week’s rate

According to Shibburn Twitter account, over 1,214,431,010 SHIB tokens have been burned in the past seven days in over 121 transactions. This represents an increase of more than 100% over the amount burned last week.

As reported by U.Today542 million SHIBs, or more than half a billion, were sent to dead wallets in the previous week, adding to the billions of SHIBs burned since early August.

The past few hours have seen several transactions carrying SHIB being burned, resulting in a slight increase in the burn rate, which was previously on the decline. At press time, the SHIB burn rate was up 5.73%, according to Shibburn’s website.

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Over the past 24 hours, over 215,346,231 SHIB tokens have been burned in 11 transactions. In the past hour, exactly 1 million SHIB tokens were sent to dead wallets in a single transaction.

The SHIB community still considers burning Shiba Inu to be a hot topic, and they want to see burns reach into the trillions. As reported by U.Today, ShibaSwap 2.0 and the upcoming Layer 2 Shibarium are both expected to play an important role in the trillion SHIB burn hypothesis.

Lead Shiba Inu developer Shytoshi Kusama said burning billions of Shiba Inu would be a “true community enterprise”. According to him, the project is moving in several directions. While expressing his hope that the timing is optimal, he adds that it could take some time.

SHIB, BONE price action

According CoinMarketCap, Shiba Inu was trading at $0.0000123 at press time, slightly up over the past 24 hours. There is still mild selling pressure in the market as cryptocurrencies try to bounce back from Friday’s selloff.

According to data from WhaleStats, the top 100 ETH whales currently hold $148,354,507 worth of SHIB.

The shiba inus governance token, BONE, remains up 1.77% at $1.07 against the backdrop of other crypto assets, which were mostly trading in the red at press time, given the recent market sale.

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