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Data shared by prominent blockchain tracking service Shibburn has unveiled that over the last day, the SHIB army has managed to push a substantial amount of SHIB meme coins from circulation.
The current burn rate surpasses the previous day’s reading by roughly 4x.
SHIB burn rate soars 807%
In a recent tweet, the forenamed data source revealed that over the last 24 hours, a massive amount of meme coins have been burned, i.e., transferred to dead-end blockchain addresses.
The SHIB army managed to burn 20,530,875 SHIB, which means these coins have permanently disappeared from the circulating supply. This has caused the burn rate of the second-largest meme cryptocurrency, SHIB, to skyrocket by a whopping 807.68%.
The two largest burn transactions carried 13,561,250 and 6,327,651 SHIB.
Yuri MolchanWeekly SHIB burns plummet hard
As for the weekly burn rate, this metric has been deep in the red zone, showing a 94.6% decline. Still, the amount of coins transferred to unspendable wallets over the past week surpasses the daily burns roughly 3x and constitutes 62,766,791 SHIB.
So far, according to the SHIB burn website, a mind-boggling 410,744,396,856,118 SHIB coins have been destroyed in total, largely thanks to Ethereum cofounder and public leader Vitalik Buterin. A total of 584,285,875,445,159 SHIB remains on the market.
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