Shiba Inu (SHIB) has seen its burn rate skyrocket by 5,094% over a positive week for the dog-themed cryptocurrency.

According to a recent Shibburn hourly update, 2,019,681,290 SHIB have been burned in the last seven days, representing a 5,094.07% increase in the weekly burn rate. The increase in the weekly SHIB burn rate coincides with a strong upward trend in SHIB’s price over the past week.

HOURLY SHIB UPDATE$SHIB Price: $0.00001989 (1hr -0.75% ▼ | 24hr -4.14% ▼ )Market Cap: $11,717,584,468 (-4.36% ▼)Total Supply: 589,269,169,601,825TOKENS BURNTPast 24Hrs: 2,050,516 (-98.03% ▼)Past 7 Days: 2,019,681,290 (5094.07% ▲)

— Shibburn (@shibburn) September 29, 2024

Shiba Inu is up 37% over the last seven days as SHIB's price surpassed crucial resistance levels. Shiba Inu saw a strong price surge after it surpassed the $0.000016 level, climbing for four days in a row. The rally culminated at highs of $0.00002169 on Sept. 27 before encountering resistance.

SHIB’s recent price rally has brought renewed attention to the crypto asset, on-chain analytics platform Santiment in a recent tweet noted that discussions around SHIB and associated projects like Shibarium had soared.

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Shiba Inu volume, circulation and whale transactions reached 10-week highs, coinciding with a rise in SHIB prices and social dominance.

Shiba Inu is currently experiencing profit-taking, down 2.16% in the last 24 hours to $0.00001948. The daily burn rate is likewise down 98.03% with only 2,050,516 SHIB burned within the last 24 hours.

Shibarium fiat on-ramps and what's next for SHIB ecosystem

In a recent tweet, Shiba Inu team member Lucie discussed Shibarium fiat on-ramps and what's next for the SHIB ecosystem.

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According to Lucie, Shiba Inu took a huge step forward by introducing fiat on-ramps to Shibarium, which simplified entry into the DeFi space. These on-ramps allow users to buy Bone or USDC directly with traditional currency, removing the complexity of navigating blockchain processes.

Looking forward, Lucie hinted that SHIB developers are exploring zkKYC, a privacy-focused method for verifying users without compromising personal data. Additionally, there are plans to introduce fiat top-ups, making it even easier for users to fund their wallets with traditional methods.