SHIB Burns Spike Almost 100% as Price on Verge of Breakout

A recent tweet published by the Shibburn crypto tracker shows that the Shiba Inu community has managed to remove a massive amount of meme coins from the circulating supply over the past week.

This happened while the SHIB price has performed a 5% increase, targeting a higher rise in light of recent events.

322.8 million SHIB fried in furnace

The Shibburn platform has shared that within the past seven days, a substantial chunk of meme coins, containing 322,810,754 SHIB, has been transferred to unspendable blockchain wallets and locked there for good. This has pushed the weekly burn rate up 96%.

As for the past 24 hours, during that period, a total of 58,998,499 SHIB were removed from the circulating supply so far. The daily SHIB burn rate, therefore, has plunged by 46.6%. These burns were conducted in two transfers of 48,220,722 SHIB and 10,777,777 SHIB.

As for March, last month, the amount of burned SHIB surged to more than 15 billion meme coins. Almost all of it – more than 13 billion Shiba Inu – was destroyed by the SHIB developer team at the start of the month, when it burned SHIB, BONE and LEASH using the Shibarium gas fees that had been set aside specially for that.

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SHIB scores massive new milestones

According to a recent message shared by the official SHIB account on the X/Twitter social media platform, SHIB found itself on the list of the most traded (meme) cryptocurrencies on India’s largest crypto exchange, WazirX, in March.

SHIB held first place, followed by Bitcoin, Pepe, Floki and Dogecoin.

Another important piece of news shared by SHIB's X/Twitter handle was that Shiba Inu is once again showing that it is moving away from being merely a meme coin. On April 18 and 19, a major annual cryptocurrency event, Token2049, will take place in Dubai. SHIB announced that it will act as a gold sponsor of this crypto “gig.”

Last year, the SHIB team, for the first time ever became one of the sponsors of the annual Canadian ETHToronto crypto conference, where the mysterious leader of SHIB, Shytoshi Kusama, gave a speech via an AI app. SHIB was a sponsor along with Coinbase and other major crypto market players.