Key SHIB Metric Collapses Despite 5% SHIB Price Recovery
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The Shibburn meme coin wallet tracker has published an update on one of the key Shiba Inu metrics – the burn rate. The SHIB burns have plummeted deeply into the red zone.
Meanwhile, the price of the second largest meme cryptocurrency in terms of market capitalization, SHIB, is doing the opposite, demonstrating an impressive increase.
Yuri MolchanSHIB burns go down
The aforesaid data source shows a drastic 74.61% plunge of the SHIB burn rate, with a tiny amount of the meme coin transferred to unspendable blockchain wallets – 1,144,911 SHIB.
It should be said that these burns tracked by Shibburn are the result of efforts applied only by the SHIB community – average users, both retail investors and entrepreneurs, who choose to lock in their SHIB forever voluntarily, so daily burns often vary from very low values to impressively high ones reaching several tens of millions of Shiba Inu. So far, there have been only two transactions, carrying 944,911 and 200,000 SHIB to dead-end addresses.
So far, a total of 410,727,769,591,999 SHIB have been burned. Nearly all of this amount was destroyed in a single transfer by Ethereum cofounder and frontman Vitalik Buterin in 2021. Back then, he received half of the one-quadrillion SHIB supply from the mysterious founder of Shiba Inu, Ryoshi. Buterin later admitted that he did not believe in SHIB’s potential and did not want to impact the price in any way. Therefore, he just decided to burn those hundreds of trillions of meme coins.
There are still 583,385,250,186,054 SHIB coins in circulation on the cryptocurrency market now.
Shiba Inu price surges
Over the last 24 hours, prominent meme-inspired cryptocurrency SHIB has staged a substantial 5.42% rise as it surged $0.00001596 to the $0.00001682 price level.
This surge followed a more than 8% decline faced by Shiba Inu on Thursday. Today, the SHIB spike was triggered by the world’s flagship cryptocurrency, Bitcoin, soaring by 5.26% and recovering the $67,380 zone after falling below the $64,000 mark a day before.
More good news is that on Thursday, the official SHIB marketing lead teased a major Web3 upgrade of the Shiba Eternity game coming soon. Lucie revealed that players will now be able to participate in tournaments. This news excited the SHIB army.
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