Shiba Inu has witnessed a significant surge in weekly burn rate as the Community has managed to burn over 3.05 billion SHIB in the past week.
Shibburn.com data reveals that the Shiba Inu Community has removed 3,054,599,199 (3.05B) SHIB from circulation forever through eight individual transactions in the past seven days.
In the last 7 days, there have been a total of 3,054,599,199 $SHIB tokens burned and 8 transactions. #shib
— Shibburn (@shibburn) May 21, 2023
This remarkable feat marks a 75% increase in the burn rate compared to the previous week when 1,748,403,277 (1.74B) SHIB were destroyed through twenty separate transactions.
Weekly Top SHIB Burners
Blaze Token and the mysterious wallet emerged as the “Top SHIB Burners of the Week”.
Blaze Token
Blaze Token contributed the major part towards the burn. The newly launched project has set fire to a record-breaking 3,016,073,367 (3B) SHIB in a single transaction executed on May 16th, 2023.
Mysterious Wallet
On the same date, the previously inactive mysterious wallet sprang into action, further reducing the supply of SHIB. In one significant transaction, the unknown wallet sent 18,236,152 (18.23M) to the dead wallet.
With this latest development, the Shiba Inu Community has now burned a staggering 410,642,087,431,967 (410.64B) SHIB from circulation forever, leaving the current total supply of SHIB at 589,357,912,568,032 (589.35T). Out of this supply, 574,306,615,264,424 (574.30T) SHIB are currently in circulation, while long-term investors have staked the remaining 15,051,297,303,607 (15.05T) SHIB on ShibaSwap, the Shiba Inu decentralized exchange.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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