58,303,050 SHIB Burned as Shiba Inu Registers Impressive Weekly Gains

Shibburn blockchain tracker, which publishes daily and weekly changes in the SHIB burn rate, has shared that over the past seven days the SHIB community has managed to remove an impressive SHIB batch from the market — several tens of millions of meme coins.

In the meantime, during the past few days, SHIB managed to peak, registering substantial price growth but then letting it drop, still ending this week 6% higher than when it only started.

58.3 million SHIB coins burned

According to a recently published tweet, over the past week, the SHIB community has managed to destroy 58,303,050 Shiba Inu coins in total. However, the weekly burn rate is still 20.77% down compared to the previous week.

As for the daily burn rate, it is deep in the red zone too, displaying a 95.02% decline with less than a million coins transferred to unspendable wallets: 708,198 SHIB.

As reported by U.Today, on Friday, the SHIB burn rate printed a surge of 2,005% with 14,279,657 SHIB gone from circulation for good. The single largest burn transfer yesterday constituted 13,000,911 SHIB.

By now, in total, since 2021, a whopping 410,744,432,366,375 SHIB meme coins has been transferred to unspendable wallets, i.e., burned.

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SHIB price performance

Between Wednesday and Friday, the second most popular meme-themed cryptocurrency SHIB staged an increase of roughly 10%, soaring from $0.00001554 and hitting the local high of $0.00001704.

The meme coin touched on this price level twice — Thursday and Friday — in a bold attempt to leave it behind and go higher. By now, though, SHIB has seen a drawdown of 2.7% and is trading at $0.00001661 per coin.