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Data provided by public blockchain tracker Shibburn has revealed that, over the last day, the SHIB community has been burning its favorite meme coins quite actively, driving the burn rate upward.
In the meantime, the price of the second most popular meme cryptocurrency, SHIB, has dropped by over 3% since Sunday.
SHIB burns up 1,190%
The data source mentioned above unveiled that over the last 24 hours, several tens of millions of SHIB have been transferred to unspendable blockchain wallets, i.e., burned – 44,011,839 SHIB.
The two largest burn transactions carried 20,809,760 and 20,490,768, and they were conducted by two separate anonymous whales.
The total number of meme coins burned during the past seven days is 82,932,220 SHIB, and the weekly burn rate has increased by 32.13%.
Here's how much SHIB remains in circulation
Overall, since 2021, the joint efforts of the Shiba Inu community and the team that created this meme coin led by the enigmatic Ryoshi have destroyed 410,744,479,788,339 SHIB – largely thanks to Ethereum cofounder Vitalik Buterin. In May 2021, Ryoshi sent him half of the initial quadrillion SHIB supply, and Buterin decided to burn nearly all of it as he did not believe in SHIB’s potential and did not want to be responsible for such a large amount of crypto.
A total of 4,959,429,179,166 Shiba Inu have been staked. The amount of 584,296,091,032,494 SHIB remains circulating in the cryptocurrency market.
Yuri MolchanRule number 1 for crypto, from SHIB executive
Over the weekend, a top executive of the SHIB team, its marketing lead known by the pseudonym Lucie, published a tweet about an important aspect of investing in digital currencies.
Lucie referred to it as a “Rule #1 in the new crypto world.” That rule has it that it is important to “anything heavily pushed by influencers, governments, or exchanges.” Lucie reminded the community about another fundamental rule of a crypto investor: invest and risk only what you can afford and are mentally prepared to lose.
Lucie’s mention of assets “pushed by governments” is a likely reference to the recent scandal with LIBRA meme coin promoted by the Argentine president on his X account. While he later removed the X post, retail investors still suffered massive losses, while insiders cashed out $107 million, per @lookonchain data.
Dan Burgin
Vladislav Sopov