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A notable increase in value is sparked by Shiba Inu's massive token burn of 8.5 billion
Shiba Inu's weekly burn rate has increased dramatically in an explosive turn of events, and billions of SHIB tokens have met their flaming end. 8,531,983,464 SHIB tokens, or $85,319, were burned over the last seven days in 58 trades. This is an astounding sum. This resulted in an unparalleled weekly burn rate increase of 1,517.48%.
The increase in burning is a remarkable jump from the week before when just over half a billion SHIB tokens were destroyed. The massive spike to almost 8.5 billion SHIB tokens represent a 17-fold increase, mostly due to a significant burn that the Shiba Inu devs carried out within the last week.
The SHIB team completed a historic first burn on Shibarium, recording a record-breaking $75,412 transaction by moving 8.24 billion SHIB tokens to inactive wallets. Concurrently, the daily SHIB burn rate has increased by an astounding 543.5%, with 148,026,556 SHIB tokens worth $1,514 disappearing throughout 34 transactions in the last day.
SHIB is currently selling at $0.00001009 despite this scorching fever, which represents a recent 1.81% dip over the last day and an incredible 18.88% gain over the last week.
The Resistance and Resilience of Shiba Inus
Renowned cryptocurrency analyst Ali Shiba Inu, meanwhile, reported in a recent X post that his performance has increased noticeably by 55% over the past three months. In addition, the SHIB has been remarkably stable over the past cryptocurrency season. It is important to remember, nevertheless, that SHIB would probably face strong opposition shortly. This is because, at $0.000016, about 90,000 addresses presently hold almost 422 trillion SHIB.
Significant transfers involving Shiba Inus within a day have come to light recently, which has increased curiosity and conjecture in the Bitcoin community. Unidentified whale wallets moved an astounding $43,372,951 (or 4,218,953,460,450 SHIB) in total, according to Whale Alert. This follows a transaction that occurred on December 8th, during which wallets exchanged a total of $42,219,976 (or 4,238,953,460,450 SHIB). The cryptocurrency community is now more curious as a result of these transfers.