In an incendiary turn of events, Shiba Inu’s weekly burn rate has soared exponentially, witnessing a staggering increase as billions of SHIB tokens met their fiery fate. Over the past seven days, a mind-boggling total of 8,531,983,464 SHIB tokens were consigned to the burned across 58 transactions, amounting to $85,319. This marked an unprecedented 1,517.48% surge in the weekly burn rate.
The surge in incineration is a striking leap from the preceding week, where slightly over half a billion SHIB tokens were burned. The monumental rise to approximately 8.5 billion SHIB tokens denotes a seismic 17-fold escalation, predominantly attributed to a substantial burn orchestrated by the Shiba Inu developers in the recently concluded week.
Notably, the SHIB team executed a historic inaugural burn on Shibarium, transferring 8.24 billion SHIB tokens to dormant wallets in a record-breaking transaction worth $75,412. Simultaneously, the daily SHIB burn rate has surged by an astronomical 543.5%, with 148,026,556 SHIB tokens amounting to $1,514 going up in smoke across 34 transactions within the last 24 hours.
Despite this burning frenzy, SHIB is trading at $0.00001009, reflecting a recent 1.81% decline in the last 24 hours and an impressive 18.88% surge over the past week.
Source: TradingView
Shiba Inu’s Resilience And Resistance
Meanwhile, in a recent X post, renowned crypto analyst Ali Shiba Inu’s performance has witnessed a notable upswing of 55% in the last three months. Furthermore, the SHIB has demonstrated remarkable stability during the recent altcoin season. However, it is worth noting that SHIB would likely encounter formidable resistance in the immediate future. This is since nearly 90,000 addresses currently hold over 422 trillion SHIB at $0.000016.
Recent events have brought attention to significant transfers involving Shiba Inu within 24 hours, further stoking interest and speculation in the cryptocurrency community. According to Whale Alert, unidentified whale wallets transferred a staggering 4,218,953,460,450 SHIB, totaling $43,372,951. This comes after a transfer on December 8, in which a sum of 4,238,953,460,450 SHIB, worth $42,219,976, was transferred between wallets. These transfers have sparked additional curiosity and interest within the crypto sphere.