Shiba Inu Sees Largest Weekly Burn of Year with 2.96 Billion Tokens Destroyed

A significant surge in Shiba Inu (SHIB) burn activity has taken place over the past week, with 2.96 billion SHIB tokens being burned from July 23 to July 30.

This marks the largest weekly burn of SHIB this year, exceeding previous burns since last July. The notable increase in burning activity coincided with Shiba Inu's price surge on the weekend, which saw a 37% rise before subsequently dropping part of its gains.

The large-scale SHIB burn transactions took place on July 26 and 27, with Woofswap contributing to the burning of $15,000 worth of SHIB on Ethereum and $4,500 worth on Robinhood. In total, the SHIB ecosystem saw a significant amount of tokens burned in the last 30 days, reaching 3.23 billion SHIB.