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The Shibburn data tracker, popular within the Shiba Inu community, has spread the word about a large spike in the weekly SHIB burn rate, where half a billion meme coins have been moved to unspendable wallets.
Meanwhile, the price of the second most popular meme-themed cryptocurrency, SHIB, has experienced an impressive surge over the past few days.
Alex DovbnyaHalf billion SHIB torched
A recent tweet published by the aforesaid data aggregator unveiled that, over the past week, the SHIB community has scored huge burns, kicking a mind-boggling 535,850,180 SHIB out of the circulating supply.
It constituted a substantial 416% surge in the weekly burn rate. However, for the past 24 hours, this metric has been declining, showing a minus of 98.98%, with 5,111,813 SHIB destroyed.
That nearly 100% drop came a day after the burn rate witnessed a tremendous 27,660% increase, when 503,305,764 SHIB meme coins were shoveled to dead-end wallets.
Yuri MolchanSHIB army demands bigger burns
A single burn made on that day transferred 459,294,504 SHIB to be locked out of circulation. That was the largest burn over the past week overall. Such burns have been made either by the SHIB team from BONE gas fees on Shibarium or by Shiba Inu rivals who launched their own meme coins and tried to catch the community’s attention with those actions.
It was followed by three other large burns made by the same anonymous whale: 14,624,004; 12,840,092 and 13,670,155 SHIB.
Still, according to comments on the X platform, many within the SHIB army believe that the current burns are too small, and unless billions of SHIB begin to get removed from circulation, it will take decades for the SHIB price to reach at least $0.01. The community and the SHIB team still have a whopping 584,348,475,090,192 SHIB to burn – that many coins remain in circulation at the moment.
In the meantime, the SHIB price has logged a 7.45% rise since Tuesday, and the coin is changing hands at $0.00001273 at press time.
Vladislav Sopov
Dan Burgin