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The SHIB team continues to push meme coins out of circulation. Data shared by the popular wallet tracker Shibburn has revealed a big four-digit surge in the burn rate over the past day. This became possible thanks to millions of SHIB coins getting burned during this period.
Meanwhile, SHIB has suddenly experienced a solid 5.2% crash after rising more than 10% overnight. At the time of this writing, SHIB is changing hands at $0.00001444 per coin.
Yuri MolchanSHIB burns up 1,866%
According to the aforementioned data source, during the past 24 hours, the amount of meme coins transferred to unspendable wallets (meaning those coins are permanently out of the circulating supply now) constitutes 15,209,808 SHIB. This was the key driver that pushed the SHIB burn rate up by impressive 1,868%.
There have been just three burn transactions so far with the two largest ones comprising 14,481,593 SHIB and 708,215 SHIB. They occurred within just two hours.
SHIB token burns have been taking place regularly with a goal of reducing the circulating supply to the point when SHIB becomes a scarce asset. This in theory can drive its price up significantly.
By now, according to the Shibburn website, 410,747,984,526,352 SHIB have been burned in total from the coin’s initial 1 quadrillion supply; 4,838,488,721,699 SHIB have been staked in various exchanges and DeFi protocols, while 584,413,526,751,947 Shiba Inu coins remain in circulation.
Gamza KhanzadaevSHIB team issues warning about Shibarium burns
SHIB-affiliated X account “Shibarium Updates” (@Shibizens) has published a statement to warn the global Shiba Inu community. The X post reminded everyone that whenever a new use case is announced for major Shibarium coins, like BONE or SHIB, this utility will be always accessed directly, provided that this utility was announced by the real SHIB team.
If users are offered to buy additional assets to gain access to that utility, this is a red flag. “DYOR,” the X post warns, which stands for “do your own research” — a popular acronym among cryptocurrency enthusiasts. The only exception here is SHIB burns on Shibarium, the tweet says, since BONE is the token for gas fees on this network: 30% of the fees are converted into SHIB and sent to dead-end wallets, i.e., burned.
Vladislav Sopov
Dan Burgin