Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Data shared by popular wallet tracker Shibburn has revealed a three-digit rise in the reading of the SHIB burn metric. However, there is a nuance here, which brings this substantial increase down to almost nothing.
SHIB burns soar 158%, but here's catch
The aforementioned data source published a tweet, saying that over the past 24 hours, the crypto community managed to push the daily burn rate up 157.59%, thanks to burning a tiny amount of SHIB. Less than a million meme coins, 752,339 SHIB, were transferred to unspendable blockchain addresses.
The largest transaction out of four that have taken place so far today carried 642,622 SHIB to “inferno” wallets.
As for the weekly metric, over the past seven days, a total of 13,829,470 SHIB have been locked out of circulation. However, despite an impressive burn, the weekly burn rate collapsed by 97.82%.
SHIB price falls by 4%
Over the past day, the price of the second-largest meme asset, Shiba Inu, has displayed a decline of slightly more than 4%. A similar decline was demonstrated on Saturday, and after that the SHIB price recovered — until the same drop hit it today.
At press time, Shiba Inu is changing hands at $0.00001325 per coin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team