SHIB Burn Rate Hits Zero But Millions of Coins Still Set On Fire: Details

According to data shared by popular tracker Shibburn, over the last day, the SHIB burn rate has fallen to zero. Still, curiously, there is a substantial amount of meme coins that were transferred to unspendable wallets.

This coincided with a massive SHIB price surge of more than 7%.

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Mon, 11/04/2024 - 09:57

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Zero SHIB burn rate sees millions of coins torched

Data publicly shared by Shibburn shows that in the past 24 hours, the joint efforts of the SHIB team have resulted in the burn of 1,412,571 SHIB meme coins. Still, the burn rate shown by the data source sits at the zero level.

The only positive thing about it is that this zero is marked in green rather than red. This data source frequently shows a zero reading of the burn rate, but it can be either green or red. One of the possible explanations is a glitch that hits this website from time to time.

The website's data shows four burn transactions. The two largest ones carried 1,111,111 and 189,472 SHIB.

The latest tweet published by Shibburn confirms this data. It also revealed that compared to the daily burn rate, which plunged to zero, the weekly burn rate has surged by a staggering 5,929.22%. Overall, in the last week, 5,753,160,030 SHIB meme coins have been shoveled to dead-end wallets.

That enormous jump in the burn rate was reached thanks to 5,612,878,479 SHIB burned in a single transfer last week. That meme coin chunk was worth roughly $100,000 in fiat, and the newly launched meme coin project, Shiro Neko, generously burned this SHIB lump.

Many SHIB-themed accounts, including Lucie – the official Shiba Inu marketing lead – reacted positively to that huge burn.

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Fri, 11/01/2024 - 09:06

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Shib team issues major warning

Before the mysterious SHIB burner was revealed on crypto X, the SHIB team issued a post, warning the SHIB army to be careful as to those outside the Shiba Inu community who decide to burn large sums of Shiba Inu.

On that day, the burn rate skyrocketed by a whopping 259,910%, and the @susbarium X account affiliated with the meme coin’s team, said that such a big burn could be used as a “quick attention play.”