4 Billion SHIB Burned for Second Consecutive Week as Shiba Inu Hits Several Milestones

Nearly 4 billion Shiba Inu meme coins have been sent to “inferno” wallets and out of circulation within the last week, according to Shibburn tracker, which watches SHIB burn transactions on Etherscan.

The data from the recently published tweet shows that this is the second consecutive week, when around 4 billion SHIB has been removed within a week.

These massive burns happened while Shiba Inu reached several new milestones earlier this week.

1.7 billion SHIB burned in one transfer

While the total amount of Shiba Inu coins removed over the past seven days constitutes 3,977,664,767 SHIB, one transfer to a dead wallet stands out here — an anonymous whale burned 1,695,572,371 Shiba Inu several hours ago.

Several days ago, according to detailed information from the Shibburn website, 2,005,265,274 SHIB was also burned in a single transaction. Therefore, the majority of the 4 billion this week was burned in only two massive transfers to unspendable SHIB wallets.

Overall, a record amount of Shiba Inu tokens has been burned this week. This coincided with the meme token and its ecosystem hitting several major milestones.

In the past 24 hours, there have been a total of 1,695,572,371 $SHIB tokens burned and 1 transaction. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.

— Shibburn (@shibburn) May 6, 2023

SHIB reaches new milestones in several metrics

This week, as reported earlier by U.Today, the official Twitter handle of Shiba Inu saw the number of its followers jump to over 3.7 million. Curiously, the Dogecoin account boasts the same number of followers.

As for the number of SHIB holders, according to CryptEye analytics platform, currently, it stands at 2,376,858.

A big milestone was also reached by the Shibarium beta called Puppynet. The amount of wallets connected to it is now 14,321,103. The overall number of transactions performed on this testnet is 5,307,841 as of this writing.

Shiba Inu price action

At press time, the 15th largest cryptocurrency by market cap value SHIB is changing hands at $0.000009798. Over the last 24 hours, it put up a 1.06% decline, also slumping nearly 5% on a weekly basis.

This week SHIB added the fifth zero to its price, then it managed to “burn” it again. But it was unable to prevent further slump below the $0.00001 level anyway.