20,035,968 SHIB Torched in 24 Hours – What's Going On?

Data shared by the Shibburn tracking platform regarding the recent SHIB movements has revealed that a substantial amount of meme coins has been forever lost to the market during the last 24 hours.

It was possible thanks to a large amount of SHIB burned and the burn rate skyrocketing high overnight. In the meantime, the SHIB price has remained unfazed by the recent Bitcoin surge to a new all-time high of $106,488, and over the past day, it has dropped by nearly 4%.

SHIB burn rate jumps 1,987%

The aforementioned date source created by the SHIB community shows that over the past 24 hours the burn rate of the second biggest canine-themed coin in terms of market capitalization value has witnessed a staggering increase of almost two thousand percent — 1,987%.

That surge took place thanks to 20,035,968 SHIB going out of the circulating supply, thanks to the joint efforts of the SHIB army. The largest transaction here took more than half of that amount to a dead-end wallet: 11,196,225 SHIB. The second biggest transfer after it burned 8,804,670 Shiba Inu.

As for weekly burns, this metric now shows a deep decline of minus 92.69%. However, the amount of torched SHIB coins significantly exceeds that burned over the last day; it is 175,061,914 SHIB over the last week versus 20,035,968 SHIB over the last day. The difference is by nine times.

Overall, by now, 410,742,797,923,452 SHIB from the initial quadrillion supply have been locked out of circulation (read “burned”) by now thanks to the SHIB community’s efforts and to Ethereum cofounder Vitalik Buterin.

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SHIB burn dilemma 

A total of 584,022,313,308,516 Shiba Inu coins remain in circulation, and many members of the SHIB community have been urging the SHIB developer team to accelerate those burns since, the greater shrinkage the coin’s supply sees, the more scarce the coin becomes. Therefore, its chances to skyrocket in price and reach the much-awaited-and-hoped-for $1 per SHIB coin become much more realistic.

However, the SHIB team, including the mysterious lead developer Shytoshi Kusama, has responded many times that the speed of burns depends not on the team’s efforts alone but rather on the level of activity on Shibarium. The higher the utility, the more gas fees get paid in BONE and the more SHIB get burned from those fees.