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The Shiba Inu community continues to relentlessly burn meme coins to bring the massive supply down. Thanks to the recent efforts, the SHIB burn rate metric has displayed an impressive four-digit surge, according to the SHIB burn tracking platform.
Meanwhile, the SHIB price has managed to recover, adding approximately 5% after the fall experienced on Friday.
Half billion SHIB gets burned
The above-mentioned on-chain data source revealed that over the past 24 hours, the daily SHIB burn rate saw a staggering increase of 3,484.34%. This four-digit rise was possible thanks to a massive 537,187,730 SHIB getting removed to unspendable blockchain wallets and out of circulation.
This half a billion SHIB was removed in five dead-wallet transfers. The largest ones on that list carried 310,744,788 SHIB, 107,333,061 and 103,276,575 SHIB. All the three transfers were made from the same anonymous wallet, ending in -82019a. These three transfers were consecutive and took place approximately nine hours ago, each taking just minutes to reach the burn wallet.
As for the weekly burn rate, the SHIB community has managed to trigger a 481.17% increase after sending 687,249,104 SHIB to a virtual furnace in the past seven days. Largely, this boost was down to the 537.1 million SHIB destroyed on Friday.
Shytoshi Kusama fires back at scammers
On Friday, the mysterious SHIB lead developer, known to the community as Shytoshi Kusama, took to his Telegram channel to make a statement to the Shiba Inu community. The screenshots were shared by SHIB’s marketing lead Lucie on her X handle.
Kusama once again this week said that soon he would release the new SHIB AI whitepaper that he mentioned on his X account twice this month. He said: “I’ll explain what I’ve come up with here and organize so we can start moving this forward.”
He also took a jab at scammers, urging the community to ignore them, adding: “They don’t understand how I work and they don’t need to.” Before that, Kusama published a few tweets on Thursday, breaking a two-week pause during which he showed zero activity on his social media accounts, including X.
This message on Telegram and earlier on X came out after the SHIB team rolled out a new update — the L3 solution for Shibarium called Shiba Alpha Layer.
Vladislav Sopov
U.Today Editorial Team