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.
HOURLY SHIB UPDATE$SHIB Price: $0.00002512 (1hr -0.19% ▼ | 24hr -7.56% ▼ )
— Shibburn (@shibburn) April 25, 2024
Market Cap: $14,784,402,651 (-7.62% ▼)
Total Supply: 589,273,968,765,110
TOKENS BURNT
Past 24Hrs: 22,346,657 (0% ▲)
Past 7 Days: 428,035,239 (-39.92% ▼)
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.
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