SHIB Burns Skyrocket 360%, But Price Tanks 11%, Here's What's Happening
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According to the data unveiled by the popular crypto tracker Shibburn, which monitors SHIB burn transactions, and then shares the details on its website and on its X account, over the past day, several million meme coins have been kicked out of the circulating supply.
Meanwhile, the SHIB price trajectory has tanked, falling by more than 11%.
Burn rate soars 360%
In a recently published tweet, the data source mentioned above reported that the daily burn rate metric has gone up by 360%, with a total of 5,573,943 SHIB wiped out of circulation.
Almost all of these SHIB were destroyed in a single transaction, which carried away 5,021,203 SHIB meme coins. The second largest burn transaction out of the three, which happened in the past 24 hours, contained 502,260 SHIB.
As for weekly burns, roughly 6x meme coins have been torched over the past seven days – 28,334,605 SHIB. The burn rate has plunged by -68.7%.
SHIB price tanks heavily
The price of the second most popular meme-themed cryptocurrency, SHIB, has demonstrated a plunge by more than 11%. Shiba Inu has fallen from $0.00001996 and now changes hands at $0.00001792.
The meme coin’s price has followed Bitcoin, which crashed from the $105,000 zone below the $100,000 price mark.
Yuri MolchanShytoshi Kusama changes role on SHIB team
On Sunday, Jan. 27, pseudonymous SHIB lead Shytoshi Kusama published a tweet and a blog post, in which he said goodbye to the SHIB community in his old role as lead visionary and took on a new one as SHIB's lead ambassador.
Kusama said that Shiba Inu has overgrown its status as meme coin and became a Network State. He also reminded the SHIB community that a few days ago, the team released an update that now allows any government, city, business or person to move to Web3 from Web2.
Shytoshi wrote: “I can now say I have accomplished my initial goal with flying colors. Shib remains in the top 20 tokens, Shibarium has 800M flawless transactions and so much more.”
What will happen from now on is that Kusama will "begin leading the charge towards Global Adoption."
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.
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