Shiba Inu SHIB/USD has seen 100% weekly burns in the past week, as investors seek to reduce the supply of the coin in a bid to drive up prices.
What Happened: According to the Shibburn Twitter account, 223,264,370 SHIB tokens were burned and 51 transactions were made in the last seven days. Over 106.7 million SHIB tokens were burned and 29 transactions were made in the week prior. The weekly figure has nearly doubled the number of tokens burned over a similar period of time.
At the time of writing, SHIB was trading at 0.000008994, up 3.8% in the last seven days, according to CoinMarketCap.
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Data from LunarCrush shows that SHIB social engagement has increased by 8.95% in the past week, and the market cap has risen by 4% at $5.06 billion.
Meanwhile, WhaleStats data shows that Ethereum (CRYPTO: ETH) whales currently possess $66.5 million worth of SHIB, accounting for about 3.33% of their crypto holdings.
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