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Prominent Shibburn coin tracker has published a fresh update on its website. According to this data, the SHIB community has transferred almost five million meme coins in total from the circulating supply of Shiba Inu over the past day.
Meanwhile, the second-largest meme coin is striving to recover from the 17.5% price crash it faced last week.
SHIB burns soar 380%, million SHIB torched
The aforementioned data source shows that over the past day, the major SHIB metric, the burn rate, has seen an increase of 380.45%. This substantial growth was achieved thanks to a large amount of meme coins transferred to dead wallets — 4,804,534 SHIB in total.
The list of the burn transactions shows that over the past 24 hours, there have been five burn transfers. The largest ones carried 1,191,814 SHIB; 1,353,406 SHIB and 1,887,367 Shiba Inu.
The SHIB community, along with the Shiba Inu team, has been conducting regular coin burns since 2021 in attempts to make the total circulating SHIB supply shrink. Initially, the SHIB team, led by Ryoshi, launched a quadrillion Shiba Inu coins. However, in May 2021, the mysterious SHIB creator sent 500,000,000,000 SHIB as a gift to the Ethereum founder, Vitalik Buterin, as a sign of respect; SHIB runs on the Ethereum blockchain.
Over the weekend, Shiba Inu experienced a massive decline of slightly more than 17%, going down from $0.00000783 to the $0.00000646 level and mirroring the recent plunge of Bitcoin. Since Saturday, the meme-inspired coin has managed to recover by roughly 4% and is currently changing hands at $0.00000671.
Top SHIB executive not worried about Bitcoin price
The official marketing lead of the Shiba Inu team, known across the crypto space as Lucie, has taken to her X account to comment on the current bloodbath the crypto market has been going through.
Noting the massive Bitcoin price crash below the $80,000 since Thursday, Lucie stated that he had seen BTC dropping from $68,000 to $26,000 and then surging back above $121,000. “I’m not really worried,” she tweeted, “I am just bracing myself.”
She also jokingly shared her daydream of seeing a crypto bull market arrive, where Shiba Inu would skyrocket by 1,000% within just three days. Bitcoin has also slightly recovered today, now trading at $77,498.
Yuri Molchan
Gamza Khanzadaev
Godfrey Benjamin