SHIB Burns Skyrocket 319,571% — What’s Happening?

Prominent crypto tracker Shibburn has published data showing that the SHIB community has remained dedicated to removing meme coins from the circulating supply.

The spike in the burn rate over the past day has constituted six figures, with several tens of millions SHIB sent to a virtual furnace.

Burn rate spikes 319,571%

A tweet published by Shibburn earlier today reported that the SHIB burn rate spike comprised a staggering 319,571.27%, while the community has pushed 35,713,674 Shiba Inu meme coins out of the circulating supply, locking those SHIB in unspendable wallets for good.

The three biggest transfers carried 15,546,918 SHIB; 11,196,225 SHIB and 8,804,670 Shiba Inu meme coins.

HOURLY SHIB UPDATE$SHIB Price: $0.000027 (1hr 0.68% ▲ | 24hr -3.86% ▼ )
Market Cap: $15,909,188,563 (-3.93% ▼)
Total Supply: 589,257,186,387,669

TOKENS BURNT
Past 24Hrs: 35,713,674 (319571.27% ▲)
Past 7 Days: 138,987,010 (-94.31% ▼)

— Shibburn (@shibburn) December 17, 2024

If we look at the SHIB burns conducted during the past week, we see that it is slightly in the red zone, showing minus 94.31%. However, the actual amount of destroyed SHIB coins is roughly four times bigger and constitutes 138,987,010 SHIB.

As covered by U.Today, on Monday, an anonymous whale helped burn SHIB coins, transferring 20,035,968 SHIB to a dead-end wallet in a single move.

SHIB price unfazed by new Bitcoin record peak

On Monday, the world’s leading cryptocurrency, Bitcoin, succeeded in reaching a new all-time high of $107,780. While SHIB has reacted to the price dumps and surges of BTC before, this time, the correlation between them seems to be lost so far.

After printing a more than 22% recovery last week, the SHIB price has been moving sideways in a slightly descending trajectory. After dropping from the $0.00002978 level behind, SHIB has been striving to surpass the $0.00002822 resistance but has failed so far.

After a minor 2% increase today, the second biggest meme coin in terms of market capitalization size, SHIB, is changing hands at $0.00002738.

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