Shiba Inu Burn Rate Jumps 405% With 124,023,282 SHIB Destroyed

Shiba Inu burn tracker Shibburn recently shared an hourly update reporting 124,023,282 $SHIB burned in the last 24 hours, with the daily burn rate surging by 405.21%.

Shiba Inu burn accelerated in the early hours of Saturday, according to the Shibburn website; this saw a cumulative 124 million $SHIB burned in 24 hours.

In the last seven days, a total of 2,901,334,219 $SHIB were burned, albeit a 92.26% drop from the past week.

A total of 3.90 billion $SHIB were burned in the last 30 days; WoofSwap V3 was the top burner, sending 3,023,711,746 $SHIB to dead wallets. Robinhood followed with 159,592,109 $SHIB sent to dead wallets through transactions on the platform.

A total of 410,843,579,789,609 $SHIB has now been burned through 21,437 transactions, according to Shibburn, representing 41.08% of the initial 1 quadrillion $SHIB token supply.

$SHIB price action

Shiba Inu celebrated its 6th anniversary, having launched on August 1, 2020. At the time of writing, $SHIB was up 2.58% in the last 24 hours to $0.000004958, kicking off August with a short-term golden cross. The MA 50 rose above the MA 200 on the hourly chart on Saturday, indicating a golden cross.

The signal follows Shiba Inu's stellar 40% rally in late July. The momentum subsided with $SHIB falling to a low of $0.00000454 on July 29, where the price started rising again.

Shiba Inu sharply rose to a high of $0.00000516 as it gained sudden momentum on August 1 before erasing part of its gains. The dog token is down 12.45% weekly, despite ending July in the green with a 12% gain, to mark its first positive month since April.

Eyes are on Shibarium as the Shiba Inu layer 2 blockchain showed mild recovery at August's start. The daily transaction count rose nearly 65% in the last 24 hours, as transactions surged from 1,560 to 2,570 on August 1, according to ShibariumScan data.