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 data tracker Shibburn, which monitors SHIB burn transactions and then shares the details on its website and X page, has revealed that over the past day, a substantial amount of meme coins was driven out of the circulating supply.
Meanwhile, the situation on the crypto market has started leveling up, and the SHIB price has staged a recovery of over 5%.
SHIB burns surge 1,306%
The aforementioned data source revealed that over the past 24 hours, the SHIB community has succeeded in disposing of an impressive amount of meme coins. Their cumulative efforts have made it possible to burn 30,156,987 SHIB, which drove the daily burn rate 1,306%.
That progress was achieved thanks to four burn transactions, where the largest ones carried 18,910,211 SHIB and 10,326,663 SHIB.
As for the previous day, on Wednesday, the daily burn rate surge was registered at 107%.
As for the weekly burn rate, the tweet published by Shibburn shows that while this metric only rose by 50.8%, the number of coins destroyed over the past seven days constitutes 142,062,714 SHIB. It has been a productive week for SHIB burns so far, as this value is almost 5x compared to what was burned in the last day.
Crypto market recovers
After a week of crashing and floating in the red, the cryptocurrency market has begun to recover. CoinMarketCap shows that the top 20 and most top 100 currencies have returned to the green zone.
The world’s bellwether cryptocurrency, Bitcoin, has experienced a 2.45% rise after its price crashed from $89,100 to $83,750 on Feb. 26.
Ethereum has been closely following Bitcoin and has demonstrated an almost identical rise, while it crashed by more than 18% between Monday and Wednesday.
Alex DovbnyaAs for the second most popular meme coin Shiba Inu, after collapsing by more than 15% since the start of the week, it has by now recovered 9.77% since Tuesday and roughly 5% over the past 24 hours.
The initial collapse started as the market began to react to the upcoming import tariffs of the U.S. against Canada and Mexico that are taking effect on March 4. Besides, the crash was fueled by the hesitant position of the Federal Reserve as to its plans regarding its further approach to interest rates. So far, the reduction of rates has been suspended.
Dan Burgin
Vladislav Sopov