Shiba Inu Sets Fire to Over Half Billion SHIB, Weekly Burn Rate Up 961%

Shiba Inu burns over half billion SHIB, boosting weekly burn rate by 961%

According to Shibburn, the Shiba Inu weekly burn rate is up 961.53%, as over half a billion SHIB were burned in this period.

In the past seven days, a total of 527,485,988 SHIB tokens were burned in 44 transactions. This amounted to $4430.88 in monetary terms.

The week before saw a paltry 49,691,122 SHIB tokens burned, the lowest in months. The daily SHIB burn rate is also seeing a 644.86% spike, with a total of 20,515,829 SHIB tokens burned in nine transactions in the last 24 hours.

Shiba Inu burns are on the rise as optimism grows in the Shiba Inu ecosystem. Shibarium has reached a new high of 7.4 million daily transactions. The Shiba Inu Layer 2 protocol had 5.1 million daily transactions the day prior, signifying a 500-fold increase from an average of 10,000 daily transactions. Following the massive surge in transactions, Shibarium reached the 20 million total transactions milestone, hitting 20,493,282 at press time, according to Shibariumscan.

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