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Data reported by the popular Shibburn wallet tracker has revealed an increase in the daily SHIB burn rate. However, it may seem rather disappointing – over the past 24 hours, this metric has gone up only by 38%. This was not enough to make any significant dent on the total SHIB supply circulating tin he market at the moment.
But the amount of meme coins that were transferred to unspendable blockchain wallets constitutes several million SHIB.
3,564,772 SHIB gets burned today
The Shibburn website shows that since last morning, there have been four burn transactions. The largest of them carried 1,553,766 SHIB and 1,422,952 SHIB meme coins to dead-end wallets. This constitutes nearly 2x surge from yesterday’s burns, when only slightly more than 2 million SHIB were locked out of the total circulating supply.
By now, a total of 410,754,336,997,578 SHIB have been removed from circulation, mostly thanks to the mysterious SHIB founder Ryoshi and Ethereum’s leader Vitalik Buterin. The former sent Buterin half of the initial quadrillion SHIB supply in May 2021, and Vitalik sent nearly all of it to an unspendable wallet as he did not believe in SHIB’s potential and therefore did not want to hold that monstrous amount of SHIB to avoid accusations of price manipulation.
SHIB market performance
Over the past day, the major meme cryptocurrency, SHIB, has staged a decline of 4.57%, falling to the $0.00000579 level per coin. Since its 13% recovery on Friday last week, Shiba Inu has been trading sideways, holding in the range of $0.000006 and gradually going down. Since Friday, it has faced a total fall of roughly 9.48%.
SHIB has been going in line with the current trends in the cryptocurrency market, following the leader, Bitcoin. On January 28, it lost the $90,000 psychological level and has been going down since then. An overall decline since that day and Friday last week comprises 30.37%. Largely, SHIB has been following Bitcoin’s price curve over the past week – both assets have been mostly going down and trading sideways.
Bitcoin collapsed in light of poor reports demonstrated by tech giants (the Magnificent 7), which turned on a high level of AI fear among investors, the 30% crash of silver and gold in a single day, and also the announcement of Donald Trump’s future Fed Reserve chair hawkish candidate, Kevin Warsh.
Dan Burgin
U.Today Editorial Team