u.today
Shiba Inu ($SHIB) has seen a skyrocketing increase in weekly burn rate, rising by 6,478%. This dramatic growth occurs as the burn rate of $SHIB tokens explodes, igniting a frenzy of investor interest and catapulting the dog-themed token into the spotlight of the cryptocurrency market.
According to the Shibburn X account, the past seven days have seen a total of 14,238,113,469 $SHIB tokens burned, marking a 6,478.69% increase in the weekly burn rate.
HOURLY $SHIB UPDATE$SHIB Price: $0.00003507 (1hr 0.61% ▲ | 24hr -1.59% ▼ )
— Shibburn (@shibburn) March 10, 2024
Market Cap: $20,633,157,555 (-1.62% ▼)
Total Supply: 589,276,901,278,213
TOKENS BURNT
Past 24Hrs: 68,589,040 (-99.5% ▼)
Past 7 Days: 14,238,113,469 (6478.69% ▲)
Albeit, the daily burn rate decreased, with only 68,972,347 $SHIB tokens burned in 10 transactions for the past day.
Contributing to the jump in weekly burn rate was a total of 13.6 (13,610,153,841) billion $SHIB burned on the day before the last.
The massive 13.6 billion $SHIB stash comes as the $SHIB team burned massive amounts of $SHIB, BONE and LEASH in four transactions over the weekend.
Two transactions burned 9,649,108,480 $SHIB and 3,814,893,910 $SHIB, while another two transactions burned 19,550 BONE and 28,762 LEASH.
Shiba Inu epic week
Shiba Inu just had a phenomenal week, skyrocketing by nearly 300% to highs of $0.00004575. Shiba Inu posted its second consecutive week of significant gains after beginning a comeback from lows of $0.00002375 on Feb. 26.
Shiba Inu has also reentered the top 10, with a market valuation of $20.74 billion, ranking as the 10th largest cryptocurrency by market capitalization.
According to IntoTheBlock, Shiba Inu kicked off March with a bang, attracting over 8,400 addresses to peak at 21,000 daily new addresses, about 20 times the daily average in February. Shiba Inu's total addresses have also hit a new record at 3.88 million.
At the time of writing, $SHIB was down 1.42% in the last 24 hours to $0.000035. If $SHIB successfully holds above this level, the next target for $SHIB is the $0.00004 to $0.000045 level, where 29,260 addresses bought 3.48 trillion $SHIB at an average price of $0.000042, according to IntoTheBlock data.