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🫨🔥🔥Shiba Inu Weekly Burn Rate Increased by 338%, Millions of SHIB Lost
Last week, the dog-themed cryptocurrency Shiba Inu (#SHIB ) witnessed a staggering 338% increase in its burn rate, a strategic move that burned millions of SHIB tokens.
According to Shibburn's latest hourly update, the burn rate of SHIB tokens has increased by an astonishing 338.77%, with 200,591,910 SHIB burned in the last seven days. This increase in token burning activity underscores #ShibaInu 's commitment to reducing the supply of tokens and improving its long-term value proposition.
Token burning, a common practice in the cryptocurrency space, involves permanently removing a certain number of tokens.
circulation, thus reducing the total supply.
The Shiba Inu took this strategy to heart through the community's selfless efforts, which resulted in the destruction of millions of shibs, marking a 338% jump in the weekly burning rate. However, the daily burning rate decreased by 27.27%, and only 30,384,330 SHIB burned in the last 24 hours.
SHIB large holders entrance jumps 225%
On a seven-day basis, Shiba Inu also experienced a remarkable 225% increase in a key metric that tracks fund inflows to whale addresses, known as large holder inflows.
While Shiba Inu continues to focus on maintaining momentum and driving growth initiatives, from expanding utility through partnerships and integrations to promoting community engagement and innovation, Shiba Inu whales seem to be taking note.
