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Shiba Inu Burn Rate Surges 0ver 8,600%; Over 3 Billion SHIB Destroyed in a Week

The Shiba Inu community continues to press ahead to reach its SHIB burn goal with billions of the decentralized meme tokens destroyed in the past week. Would the community burn more than this in the new week?

According to the leading Shiba Inu burn tracking platform Shibburn, over 3 billion SHIB were taken out of circulation between May 14 and May 21, courtesy of different contributors. Per the Sunday update, exactly 3.05 Shiba Inu tokens were burned in eight transactions.

Read Also: How Much Can Make You a Shiba Inu Millionaire if SHIB Hits $0.01? $12 Yielded $1 Million in 2021

Shibburn tweeted, “In the last 7 days, there have been a total of 3,054,599,199 $SHIB tokens burned and 8 transactions.” This significant burn volume last week resulted in a surge in the overall burn rate of Shiba Inu. 

The 3.05 billion burned in the past week by the Shiba Inu community marked a 75% increase in the burn rate compared to the previous week. Notably, 1,748,403,277 SHIB tokens were destroyed via twenty transactions from different contributors. 

The two top contributors to this remarkable feat were the Blaze Token project and a mysterious wallet. But the Blaze Token project was the highest burner as the newly launched project destroyed a whopping 3,016,073,367 SHIB in a single transaction which was executed on May 16. The mysterious wallet, on the other hand, took out roughly 18.23 million SHIB from circulation in one transaction on the same day.

Read Also: New Whale Becomes 5th Biggest Shiba Inu Holder After Purchasing 20 Trillion SHIB

SHIB Burn in the last 24 hours 

The SHIB burn rate has risen by over 8,600% as more than 50 million Shiba Inu tokens were sent to the official dead wallet in the last 24 hours in several transactions. As reported by Shibburn a couple of hours ago, a mysterious wallet and project SHIB Super Store are the “Top SHIB Burners of the Day,” given their respective hefty contributions. 

SHIB Burn Rate Surges 0ver 8,600%; Over 3 Billion SHIB Destroyed in a Week
Source: Shibburn

While the unknown wallet destroyed 39,511,911 SHIB in one transaction, SHIB Super Store Super burned approximately 10.6 million Shiba Inu tokens in its Weekly burn event using the official SHIB Burn Portal. With all these burn contributions, the total SHIB burned from the initial supply has risen to 410,642,087,431,967 SHIB (410.6 trillion).

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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.

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