Shibburn Sees Record Weekly Burn as SHIB Token Activity Surges

The Shiba Inu ecosystem has seen significant activity in recent weeks, particularly in terms of SHIB token burns. According to data from Shibburn, a total of 2.96 billion SHIB tokens were burned in the last seven days, marking the largest weekly burn figure since July last year.

This surge in burning activity coincided with Shiba Inu's price increase over the weekend, which saw the token rise by 37% before partially retracing. Social dominance for SHIB reached its highest level since April 2 during this period, and there were a record 52 SHIB whale transactions on July 26.

Woofswap reported contributing to the burning of $15,000 worth of SHIB on Ethereum and $4,500 on Robinhood, with Shibburn noting that a single transaction on July 27 sent 757.8 million SHIB worth $4,016 to dead wallets.

The total amount of SHIB burned in the last 30 days now stands at 3.23 billion, while the number of Shiba Inu on-chain holders has reached 1,678,501, with nearly 80,000 new addresses added in July.