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SHIB Burns Jump 2,057% as Shiba Inu Price Surges Impacted by This Crucial Driver

Fri, 07/14/2023 - 09:45
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Yuri Molchan
Shiba Inu burn rate has seen staggering rise after a few consecutive days of staying down in red
SHIB Burns Jump 2,057% as Shiba Inu Price Surges Impacted by This Crucial Driver
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According to recent data provided by the Shibburn explorer, the burn rate of Shiba Inu meme coin has spiked by more than 2,000% overnight, along with the SHIB price.

It is not only SHIB and other altcoins. The recent victory of Ripple over the SEC in court has pushed XRP up around 66%, Bitcoin and Ethereum jumped 3% and 7%, respectively, as the crypto industry is celebrating.

Unprofitable Shiba Inu (SHIB) Supply Crosses Dramatic Threshold

SHIB burn rate shows massive gains

The aforementioned source has shown that the reading of the burn rate has surged by 2,057.94%% with a total of 40,547,842 SHIB meme coins destroyed.

A total of 31,715,170 SHIB was transferred to a dead-end wallet in a single transaction, and it was the biggest among all six SHIB transfers. The second biggest one carried 5,794,705 Shiba Inu.

Image via Shibburn

Overall this year, SHIB burns have been on the rise. As reported by U.Today earlier, within the past half a year, the Shiba Inu community has gotten rid of 26,434,092,232.30 SHIB. Over the past month, 1,861,261,930.05 SHIB have been removed from the circulating supply of this meme token.

The result of the burn efforts of the past week constitutes 907,536,441.64 Shiba Inu, according to the CryptEye analytics portal.

Within one year, 38,228,861,576.43 SHIB tokens have been sent to unspendable wallets in all.

Per the same source, over the past week, Shiba Inu landed 16,408 new users.

The price of Shiba Inu has gone 6.32% higher, now trading at $0.000007949. Besides, the second largest meme coin has moved up to 17th place from 19th, to where it had been pushed previously.

Major Ripple v. SEC Update: XRP Explodes 16% as Judge Torres Delivers Pivotal Summary Judgment Verdict

Ripple scores major win against SEC in XRP case

The whole crypto industry is celebrating the partial win of Ripple in the XRP lawsuit against the SEC, which has been going on since late December 2020. Judge Analisa Torres announced that institutional sales of XRP made by Ripple are securities. They brought Ripple Labs $728 million. However, programmatic and other XRP sales are not deemed as securities. These amounted to a total of $1.366 billion for Ripple.

Bitstamp and Join XRP Relisting Bandwagon

Still, the XRP price first surged by 16% on Thursday on the back of the news and now, as several major exchanges are relisting the token — Bitstamp, Coinbase — the price has soared above the 63% level. XRP is now changing hands at $0.7705, according to data provided by CoinMarketCap. The coin has added more than $4 billion to its market capitalization value on that price surge.

This is an important win not only for Ripple but for the whole crypto space, as many crypto fans and influencers believe on Crypto Twitter.

Recently, the U.S. securities regulator has been trying, as many believe, to gain control over the crypto industry within the U.S., mainly by putting legal pressure on crypto exchanges like Gemini and Kraken. In the most recent development on this theme, the SEC sued Binance and Coinbase, claiming that they have violated U.S. securities laws and trading altcoins as unregistered securities.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at