Shiba Inu Coin Burns Over 58 Million Tokens As Weekly Price Increases
Posted On February 17, 2025
In the past week, the Shiba Inu (CRYPTO: SHIB) community has successfully burned, or permanently removed, 58,303,050 SHIB coins from circulation.
What Happened: According to the Shibburn blockchain tracker, which keeps track of daily and weekly changes in the SHIB burn rate, a significant number of SHIB coins were removed from the market. Despite a notable price increase followed by a drop, SHIB concluded the week 6% higher than its initial value.
The weekly burn rate, however, has decreased by 20.77% compared to the previous week. The daily burn rate also experienced a sharp drop of 95.02%, with less than a million coins (708,198 SHIB) being transferred to unspendable wallets.
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