$SHIB Token Burns Hit Record High Amid Price Surge

The past week saw an unprecedented surge in Shiba Inu token burns, with 2.96 billion $SHIB tokens destroyed in a single seven-day period. This figure represents the largest weekly burn of the year, surpassing previous weeks and even exceeding other burn transactions from this time last July.

This significant increase in token burning coincided with Shiba Inu's price surge over the weekend, which saw the asset skyrocket by 37% before quickly surrendering some of its gains. During this period, social dominance reached 0.084%, its highest since April 2, and there were 52 $SHIB whale transactions in a single day, the most since March 31.

The largest single burn transaction occurred on July 27, when 757,803,141 $SHIB worth $4,016.36 were transferred to dead wallets. Woofswap's X account reported that it had contributed to the burning of $15,000 of $SHIB on Ethereum and $4,500 of $SHIB on Robinhood.

This significant amount of token burning has led to a steady increase in Shiba Inu on-chain holders, which now stands at 1,678,501, with nearly 80,000 addresses added in July. Despite the recent price fluctuations, $SHIB remains up 11.18% for the week.