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Shibburn wallet tracker has spotted a major rise in the Shiba Inu burn rate metric; it has logged a four-digit increase, according to a recent tweet.
This was possible after more than 158 million SHIB meme coins were burned out of circulation.
SHIB burn rate spikes 1,047%
According to the aforesaid data source, the burn rate has skyrocketed by 1,047% over the past seven days. This immense growth was registered after a total of 158,727,060 SHIB coins was transferred out of circulation and locked in unspendable blockchain addresses.
The largest amount of SHIB was burned in a single move roughly six days ago, comprising 85,795,990 Shiba Inu. Three other large SHIB chunks were burned two days ago and earlier today — 27,062,451, 10,000,000 and 10,000,000 coins.
As for the daily SHIB burn, this indicator shows an 8% increase with 29,337,574 SHIB torched.
SHIB price crashes by 11%
Over the past 24 hours, the second-largest meme cryptocurrency, SHIB, has dropped by 6.17%, but a rebound followed, letting it grow more than 1%. Overall, since last Wednesday, Shiba Inu has lost 11.26% in total.
At press time, the prominent meme cryptocurrency is changing hands at $0.00001260 after falling from a local high of $0.00001420 last week.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team