Shiba Inu’s Weekly Burn Rate Skyrockets Fueling Optimism

• The price of SHIB is trading at $0.000009899, up 2.15% in the last 24 hours.
• The burn rate for the last 7 days recorded an increase of 5891.2%

With a massive spike in its weekly burn rate, Shiba Inu sparked widespread optimism within the SHIB army. Shibburn, a platform that facilitates SHIB burning information, showed a jump of approximately 6000%, according to on-chain data, and this has sparked curiosity among crypto market aficionados worldwide.

In line with the weekly spike in the SHIB burn rate, the SHIB price at the time of writing witnessed a brief uptick. The price of SHIB is trading at $0.000009899, up 2.15% in the last 24 hours as per data from CoinMarketCap.

This was in contrast with the overall downfall across most cryptocurrencies recently. Post the recent spot Bitcoin ETF launch the price of Bitcoin has been witnessing massive selling pressure.

Significant Whale Activity

Nevertheless, there have been further implications for the token due to its slightly increased price over the previous week. The data revealed by Shibburn indicates that as of today, the burn rate for the last 7 days recorded an increase of 5891.2%. In addition, 803,925 SHIB were burned in the last 24 hours, according to the data from shibburn. 

Specifically, according to Shibburn’s statistics, the crypto community seems to have burned a total of 410.70 trillion SHIB till date. A total of 581.07 million SHIB are currently in circulation.

A new whale wallet has bought an astounding 136.86 billion SHIB tokens, worth at around $1.38 million, according to a recent post by on-chain data researcher Lookonchain. Moreover, based on the statistics provided by Lookonchain, four large whales have bought 2.39 trillion SHIB tokens from Binance over the last month.

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