Shiba Inu Weekly Burn Rate Skyrockets 1,517% as Billions of SHIB Burned

The week before saw over half a billion SHIB burned. The increase to about 8.5 billion SHIB implies a 17-fold increase, which was mostly attributed to a big burn by Shiba Inu developers in the week that just concluded. The SHIB team completed the first-ever burn on Shibarium, transferring a record-breaking 8,241,856,589 (8.24 billion) SHIB tokens to dead wallets in one transaction, equivalent to $75,412. The daily SHIB burn rate is also seeing a 543.5% spike, with a total of 148,026,556 SHIB tokens amounting to $1,514 burned in 34 transactions in the last 24 hours. Shiba Inu price action SHIB was down 0.98% in the last 24 hours to $0.0000101 at the time of writing. According to crypto analyst Ali, Shiba Inu has increased by 55% in the last three months while remaining relatively quiet during the recent altcoin season. While there is still room for growth, he stated that SHIB is approaching a key resistance zone, with roughly 90,000 addresses holding over 422 trillion SHIB at $0.000016.