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The number of Shiba Inu (CRYPTO: SHIB) tokens being burnt has significantly decreased over the past week amid a parallel surge in SHIB prices by nearly 15% in the last seven days.
What Happened: Shibburn, a social media handle on X that tracks the number of SHIB tokens being burnt, reported a 39.90% decline in the number of tokens burnt over the past week.
Over the last 24 hours, 22,346,657 tokens were burned, showing no change from the previous period.
The meme cryptocurrency is currently trading at $0.00002512, marking a 15.01% surge over the past seven days.
The total supply of Shiba Inu tokens is currently at 589,273,968,765,110, with a market cap of $14,784,402,651.
Why It Matters: The recent surge in Shiba Inu’s price comes amid a series of significant developments in the Shiba Inu community.
Just a day ago, a whale accumulated 237 billion SHIB tokens in a single transaction, signaling confidence in the meme coin’s performance. This whale activity was accompanied by a 26% weekly surge in Shiba Inu’s price.
Earlier in the week, Shiba Inu also saw a 172% surge in its burn rate, coinciding with a notable rebound in SHIB’s market price. This increase in token burn rate removed over 5 million SHIB tokens from circulation, sending them to a “dead” wallet where they can no longer be traded or accessed.
Price Action: Shiba Inu is currently trading at $0.00002512, reflecting a 7.90% decline in the last 24 hours. The coin has surged over 148% year-to-date. Meanwhile, its primary competitor, Dogecoin (CRYPTO: DOGE), is trading at $0.1513, with a 6.66% decline in the last 24 hours and a 68.98% increase year-to-date.
Comparatively, the king of cryptocurrencies, Bitcoin (CRYPTO: BTC), is trading at $64,221.70, showing a 0.05% decline in the last 24 hours and a 45.39% increase year-to-date, according to data from Benzinga Pro.
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
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