According to data shared by wallet tracker Shibburn, in the last seven days, the SHIB burn rate has seen a massive increase of almost 6000%.
According to data shared by wallet tracker Shibburn, in the last seven days, the SHIB burn rate has seen a massive increase of almost 6000%.
However, this week’s daily burns left much to be desired and remain in the red zone. As for the price of SHIB, it has seen a major drop after rising more than 14% on Wednesday following the news of the Bitcoin ETF approval.
Weekly SHIB burns soar, daily burns plummet
In a recently posted tweet, the aforementioned burn tracker shared that over the past week, a total amount of 9,466,051,582 SHIB meme coins were transferred to dead-end wallets and locked there forever. This move triggered the staggering 5,891.2% increase in SHIB’s weekly burn rate.
As Guru-Investingreported, earlier this week, the Shiba Inu developer team led by the charismatic Shytoshi Kusama carried out another gigantic-sized SHIB burn, removing a staggering 9,351,444,446 SHIB from circulation. That single burn increased SHIB’s burn rate by 27,510%.
9.25 trillion expected to burn in January
This was the fourth burn carried out by the SHIB team since the end of November. So far, the total number of Shiba Inu dog-themed meme coins destroyed by the team has reached 45.3 billion. Four chunks of 8.5 billion SHIB each have been burned, and this week the team handled 9.4 billion SHIB, sending them to an unusable blockchain wallet.
Additionally, as the Shiba Inu team announced in early December, in January the team plans to move the burns to an automated regime, which is expected to help burn many more meme coins than have been burned manually so far. . In total, 9.25 trillion SHIB could be out of circulation for good in January, according to a recent tweet from the administrator of “Shibarium Tech.”
SHIB Price Performance
After Shiba Inu surged 14.90% on Wednesday following Bitcoin, which soared on news of the SEC’s approval of the Bitcoin Spot ETF, Shiba Inu removed another zero from its price. However, that impressive growth was wiped out by an 8.91% correction that followed. So far, SHIB has managed to rise 4.29% and is changing hands at $0.00000983, having added a zero again.
