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Shiba Inu experienced one of its biggest daily spikes in burn rate this week as the burn rate skyrocketed a whopping 31,712%, with millions of SHIB sent to the burn furnace.
Shibburn's X update said 72.23 million SHIB were burned in the last 24 hours, a substantial increase from prior days when only a few million SHIB tokens were burned. Contributing to this is a 69,382,214 SHIB token burn originating from major crypto exchange Coinbase.
This culminates in a total of 111.41 million SHIB burned in the last seven days, while 476.96 million SHIB were burned in the last 30 days. Despite a massive surge in the daily burn rate, the same cannot be said of the weekly and monthly burn rates, which were down 25.06% and 86.19%, respectively, as seen on the Shibburn page.
A total of 410,844,342,553,194 SHIB have now been burned in 21,855 transactions, worth $7,358,060,098. This total accounts for 41.08% of Shiba Inu's initial supply of 1 quadrillion tokens.
SHIB price outlook
Shiba Inu saw profit-taking after a four-day rise in tandem with the broader crypto market as bulls defied policy and macroeconomic headwinds.
Shiba Inu gained in tandem with the broader crypto market rally, rising from a low of $0.00000474 on Wednesday. The rise progressed, surpassing the daily MA 50 and 200 at $0.00000502 and $0.00000529, respectively, to reach $0.00000570 on Saturday, when bulls ran into resistance.
At the time of writing, Shiba Inu was trading down alongside the rest of the market, down 2.45% in the last 24 hours to $0.000005362, but up 2.86% in the last seven days.
Despite the ongoing profit-taking in the market, the outlook for alternative cryptocurrencies apart from Bitcoin, referred to as altcoins, of which Shiba Inu is a part, remains positive.
In an altcoin analysis, veteran trader Peter Brandt sees the possibility of a 6x move in the next two or so years.
Arman Shirinyan
Dan Burgin
