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In accordance with data shared by the Shibburn wallet tracker, over the past seven days, the SHIB burn rate has seen a massive rise of nearly 6,000%.
However, daily burns this week left a lot to be desired and remain in the red zone. As for the SHIB price, it has seen a major decline after surging by more than 14% on Wednesday on the Bitcoin ETF approval news.
Weekly SHIB burns skyrocket, daily ones plunge
In a recently published tweet, the above-mentioned burn tracker shared that within the last week, a total amount of 9,466,051,582 SHIB meme coins was transferred to dead-end wallets and locked there forever. This move triggered the astounding 5,891.2% increase in the weekly SHIB burn rate.
As covered by U.Today, earlier this week, the Shiba Inu team of developers led by charismatic Shytoshi Kusama conducted yet another mammoth-sized SHIB burn, removing an astounding 9,351,444,446 SHIB from circulation. That single burn pushed the SHIB burn rate up by 27,510%.
9.25 trillion expected to burn in January
This was the fourth burn performed by the SHIB team since the end of November. By now, the overall amount of Shiba Inu canine-themed meme coins destroyed by the team has totaled 45.3 billion. There have been four chunks of 8.5 billion SHIB each burned, and this week the team handled 9.4 billion SHIB, sending them to an unspendable blockchain wallet.
Also, as announced by the Shiba Inu team at the start of December, in January, the team plans to transit burns to an automated regime, which is expected to help burn a lot more of those meme coins than has been burned up to now manually. Overall, 9.25 trillion SHIB may be locked out of circulation for good in January, according to a recent tweet by the admin of “Shibarium Tech.”
SHIB price performance
After Shiba Inu surged by 14.90% on Wednesday, following Bitcoin, which soared on the news of Bitcoin spot ETF approval by the SEC, Shiba Inu removed another zero from its price. However, that impressive growth was annihilated by a correction of 8.91% that followed. By now, SHIB has managed to rise by 4.29% and is changing hands at $0.00000983, having added a zero again.
Source: https://u.today/shib-burns-soar-5891-this-week-but-theres-big-catch