More than 100 Million SHIB Tokens Were Burned This Week

More than 100 million SHIB tokens were burned this week in weekly burning events.

More than 100 Million SHIBs Burned

According to data from the Shibburn tracking platform, a total of 130,903,382 SHIB tokens were burned in the last seven days.

HOURLY SHIB UPDATE$SHIB Price: $0.00000831 (1hr -0.33% ▼ | 24hr 1.39% ▲ )
Market Cap: $4,896,215,025 (1.14% ▲)
Total Supply: 589,337,195,557,284

TOKENS BURNT
Past 24Hrs: 5,947,922 (-34.89% ▼)
Past 7 Days: 130,903,382 (-43.33% ▼)

— Shibburn (@shibburn) November 25, 2023

However, the weekly burn rate is down 43.33%, reflecting a slowdown compared to the billions of SHIB tokens burned weekly earlier this fall.

Despite changes in burn rates, the Shiba Inu price has shown durability. Since Wednesday this week, SHIB has gained more than 7%, rising from $0.00000773 to $0.000008534.

However, as of now, it is trading at $0.000008271.

Notably, Shibarium, the Layer-2 solution associated with the Shiba Inu, hit several milestones this week. According to Shibariumscan explorer, the total number of daily transactions exceeded $4,100,000, and daily transfers reached 43,690 on November 23.

The burning of SHIB tokens has been a closely watched metric by the Shiba Inu community, influencing both sentiment and price dynamics.

As the community continues to actively manage the token supply, it seems likely that these burn rates will continue to be a focus for SHIB investors and enthusiasts.

*This is not investment advice.