Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Data shared by the popular wallet tracker Shibburn has revealed a massive increase in the SHIB burn rate over the past day. Still, the amount of meme coins that have been destroyed by now is not impressive at all.
Meanwhile, the price of the second-largest meme cryptocurrency, Shiba Inu, has made a successful attempt to recover today after a 5% price decline yesterday.
SHIB burns spike 286% but here's nuance
According to a tweet published by the aforementioned data source, over the past day, the SHIB community has succeeded in pushing the burn rate metric by 286.84%. This seems like impressive growth. However, there is a catch here – only 269,722 SHIB have been burned, a figure even less than 1 million coins and worth $3.28.
However, the situation with weekly burns is much better as a total of 13,772,405 SHIB have been transferred to unspendable wallets over the past seven days. As for the burn rate reading, it is negative and constitutes minus 97.82% this time.
SHIB recovers after 5% decline
Over the past two days, the popular meme cryptocurrency, SHIB, has decreased by roughly 5%. Today, SHIB went up by 2.32%, but after that it was hit by a rebound and went down. At the time of this writing, the meme asset is changing hands at $0.00001213.
SHIB here has followed the Bitcoin price trajectory as BTC fell by 2.13%, dropping from $115,350 to $112,890. After a rebound that followed, Bitcoin has reached the $114,000 level, where it is trading at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team